Nigeria drops crude oil production by 4m barrels, loses N249bn revenue in one month – NUPRC
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s total oil production in June dropped from 37.5 million barrels to 33.5 million barrels in July, this year.
The drop which it said represents about N249 billion in crude oil revenue followed a plunge in the country’s output by over four million barrels in the same month.
NUPRC data also reported that the loss is largely due to the activities of pipeline vandals and crude oil thieves.
The average cost of Brent, the global benchmark for crude oil, in July 2023 was $80.1/barrel, according to data from the World Bank.
Meanwhile, daily crude oil output figures from the NUPRC showed that in June, the country pumped 1.25 million barrels per day, but this dropped to 1.08mbpd in July.
The country had produced 1.18mbpd in May, which was higher than the 0.99mbpd production figure recorded in the preceding month of April.
Nigeria’s crude oil output dropped by 38,102 barrels per day in March, translating to a cumulative loss of about 1,181,162 barrels, and signaled the first plunge in oil production since seven months.
However, the drop grew worse in April, as it plunged by 269,600 per day when compared to what was recorded in the preceding month.
Nigeria’s oil production had been on the rise since September 2022.
