Nigeria’s July oil production declines by 13.6% to 1.08mbpd


By Obas Esiedesa,ABUJA

Nigeria’s daily oil production in the month of July, 2023 fell by 13.6 per cent to average 1.08 million barrels per day compared to 1.25mbpd recorded in June, latest production data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has indicated.

The latest production figure is a major setback for the government which has a production target of 1.69 million barrels per day in the 2023 budget. The volume of production is also significantly lower than the 1.7 million barrels per day production quota allocated to the country by the Organisation of Petroleum Exporting Countries, OPEC.

A closer look at the data released by NUPRC on Thursday also showed that blended and unblended condensate oil daily production in July were 38,258 barrels and 174,509 barrels respectively. Condensate oil productions are not part of Nigeria’s OPEC production requirement.

In total, daily average oil production in July was 1.29 million barrels per day,…

Source: Vanguard Newspaper