Nigeria’s Oil Production Rose 15.6% to 1.3 mb/d in May

The Organisation  of Petroleum Exporting Countries (OPEC), says Nigeria’s oil output, excluding condensate rose 15.6 per cent to 1.3 million barrels per day (mb/d) in May, from 1.1 mb/d in the preceding month of April 2023.

In its recently released June 2023 Monthly Oil Market Report, (MOMR), the organisation stated that the figure was based on data obtained from secondary sources.

With the latest addition, Nigeria has overtaken Angola, whose output stood at 1.1 mb/d, to become Africa’s largest producer while Equatorial Guinea becomes the least with 56,000 bpd.

Meanwhile,  the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said that Nigeria’s oil production, including condensate, grew by 14.4per cent to average 1.43 mb/d in May.

The production figures, according to the agency, include crude oil (1.18m barrels), blended condensate (0.065m barrels) and unblended condensate (0.18m barrels). The data revealed that the country continues to lag significantly behind the 1.8 million daily production quota assigned to it by the Organisation of Petroleum Exporting Countries (OPEC) and the 1.69 million barrels per day benchmark for the 2023 Federal Government’s budget.