During the Month under review, Nigeria emerged as one of the top Producers of Crude Oil within the Organization of the Petroleum Exporting Countries (OPEC).
The Country’s daily Crude Oil Production averaged 1.184 million barrels per day.
In Comparison, Libya Produced 1.158 million barrels per day, Angola Produced 1.111 million barrels per day, and Algeria Produced 962,000 barrels per day.
The latest OPEC Report not only shed light on Nigeria’s Crude Oil Production but also discussed the Country’s Economic Growth.
It revealed that Nigeria’s economy expanded by 2.4% year-on-year in the first quarter of 2023.
However, the Report attributed the slow growth to several factors, including a decline in Crude Oil output.
April 2023 marked Nigeria’s first recorded decline in Crude Oil production, with OPEC Reporting a daily output of 999,000 barrels.
Alongside diminishing Oil Production, the Nigerian Economy is grappling with various challenges such as High Inflation, Import Restrictions, and subdued Business Activity and Consumer spending.
Inflation Data for April 2023 Indicated an annual rate of 22.2%, indicating an ongoing Acceleration compared to 22% in March 2023.
These factors, combined with a Slowdown in the Services, Manufacturing, and Farming Sectors, contribute to the Economic Burden faced by Nigeria.
Adding to the picture, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently Released Data regarding the Country’s Crude Oil Production in May 2023.
According to the Commission’s Findings, Nigeria Produced a total of 1.4 million barrels per day.
The Breakdown of the production data is as follows:
Crude Oil accounted for 1,183,691 barrels per day, blended condensates amounted to 65,887 barrels per day, and unblended condensates reached 178,038 barrels per day.
The inclusion of Condensates brings the overall Crude Oil Production Value to 1.4 million barrels per day.
