According to an analysis of the most recent oil production figures provided by the Federal Government of Nigeria, the country’s crude oil profits jumped to over N1.68 trillion (Ksh306 billion) in June 2023 as a result of a spike in output last month.
Data obtained on Thursday from the Nigeria Upstream Petroleum Regulatory Commission’s June 2023 crude oil production report showed that the nation’s daily oil output grew to 1,248,960 barrels during the review month. May crude oil production in Nigeria was 1,183,691 barrels per day, which was 65,269 barrels fewer than June’s production.
According to the most recent data, the total amount of crude oil produced in June increased from the 36,694,427 barrels produced in May to 37,468,798 barrels. This revealed that Nigeria’s oil production increased by 774,326 barrels in June compared to May.
Estimates from the World Bank indicated that the average price of a barrel of crude oil in June 2023 will be $74.89 (Ksh10,593) per barrel. The nation made almost $2.81 billion (Ksh397.47 billion) from the commodity in June, as indicated by the higher output of 37,468,798 in June.
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Over the past year, Nigeria’s oil production has fluctuated; in September 2022, it fell to a low of 0.937 million (937,000) barrels per day. The federal government and members of the oil industry blamed this on massive petroleum theft in Nigeria’s oil-rich Niger Delta.
The situation also led to financial losses for the country, international oil companies operating in Nigeria, and local proprietors in the industry.
The nation’s oil output did start to recover after September, though, as a consequence of coordinated efforts by security officials and oil operators, according to industry figures; in October, crude production rose to 1.014 million barrels per day.
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Nigeria reclaimed its position as the leading oil producer in Africa in May 2023 overtaking Libya according to a monthly report of the Organization of Petroleum Exporting Countries (OPEC).
