Nigeria lost N249bn in July as oil output drops

📆 21/08/2023 04:32:00

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📆 21/08/2023 04:32:00
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Data obtained from the Nigerian Upstream Petroleum Regulatory Commission indicated that while the country’s total oil production in June was 37.5 million barrels

The rise in oil output was, however, not sustained in March, as figures from the NUPRC showed that while the country pumped 1.31mbpd of crude daily in February, the volume dropped to 1.27mbpd in March and further went down to 0.99mbpd in April.

But the country’s oil output started improving after September, following concerted efforts by security officials and oil operators, as industry figures showed that crude production rose to 1mbpd in October 2022. The 1.258mbpd oil production in January 2023 was about 23,000bpd higher than the 1.235mbpd crude oil output in December 2022.

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