After an unexpected dip in the month of April, Nigeria’s oil production grew by 14.4 percent in May to average 1.43 million barrels per day, latest figures from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, have shown.
The production figures include crude oil (1.18m barrels), blended condensate (0.065m barrels) and unblended condensate (0.18m barrels).
The data revealed that the country continues to lag significantly behind the 1.8 million daily production quota assigned to it by the Organisation of Petroleum Exporting Countries (OPEC) and the 1.69 million barrels per day benchmark for the 2023 Federal Government’s budget.
Oil production has been hampered by persistent insecurity, pipeline vandalism and oil theft in the Niger Delta region.
-Source vanguard.