In May 2023, Nigeria’s oil production rose by 6.73 million barrels to 36.7 million barrels, generating a total income of around N1.27 trillion for the month under consideration. Nigeria earned nearly $2.4 billion (N1.1 trillion at the official exchange rate of N461/$ as of April this year) by producing a total of 29.97 million barrels of crude oil at an average price of $80 per barrel in April 2023.
Additionally, by producing 36.7 million barrels of petroleum in May at an average cost of $75 per barrel, Nigeria increased its oil revenues to around $2.75 billion, or roughly N1.27 trillion, depending on the official exchange rate of N461 to the dollar as of May 2023.
However, it was noted that even while Nigeria’s total oil production in both months varied by more than six million barrels, there was a drop in the average cost of crude from about $80/barrel in April to $75/barrel in May.
Oil output from Nigeria has been fluctuating since the past one year, as the country recorded its lowest oil production volume of 0.937 million barrels per day in September 2022. The Federal Government and oil sector players blamed this on the massive crude theft in Nigeria’s oil rich Niger Delta.
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 1.014 million barrels per day in October.
punch.