Nigeria’s oil production increased to 1.16 million barrels per day (bpd) in June, up from 1.02 million in May 2022.
The figure increased by more than 133,000 bpd, or 0.13 percent, from May 2022 output.
This was stated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its most recent crude oil and condensate production data for June 2022.
With the addition of condensate, oil output increased to 1.40 million bpd, up from 1.28 million last month.
This is the country’s first month-on-month increase in production output this year.
Condensate is a mixture of light liquid hydrocarbons, similar to light (high API) crude oil, that is typically separated from a natural gas stream at the point of production (field separation) when the gas’s temperature and pressure are reduced to atmospheric levels.
The country’s oil production averaged 1.39 million bpd in January, 1.25 million bpd in February, 1.24 million bpd in March, and 1.22 million bpd in April, respectively.
Since April 2020, the country’s output has ranged between 1.02 million and 1.40 million bpd, falling short of the Organization of Petroleum Exporting Countries’ production quota (OPEC).
Lack of investment, divestments, operational challenges, and oil theft have all been identified as problems in Nigeria’s oil sector.
The country is currently experiencing petrol scarcity as a result of, among other things, low production capacity and high oil prices.
The current N165 per litre pump price of premium motor spirit (PMS) is no longer sustainable, according to oil marketers, who believe the country’s subsidy regime should be gradually phased out.
Lai Mohammed, the minister of information and culture, stated on Tuesday that current global realities would not allow the country to eliminate costly gasoline subsidies at this time.
