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In August 2023, Nigeria's earnings from the export of crude oil (excluding condensates) grew by N188.7 billion as a result of a slight rise in production of the commodity by both foreign and domestic sector players.
Oil output from Nigeria increased in August compared to the previous month, according to data from the Organisation of Petroleum Exporting Countries (OPEC) and the Nigerian Upstream Petroleum Regulatory Commission.
It was noted that the nation produced 36,615,125 barrels of crude oil in total in August (excluding condensates), which was more than the 33,761,767 barrels produced in the month before, July. This showed that the amount of oil produced in August was 2,853,358 barrels more than in July.
Nigeria's oil revenues increased by around N188.71bn during the review period as a result of producing an additional 2,853,358 barrels of crude oil in August.
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According to OPEC's daily crude production estimates, Nigerian oil production grew to 1.181 million barrels per day in August of this year. The international oil cartel said that oil output in Nigeria increased from 1.081 mbpd in July to 1.181 mbpd in August in its recently published monthly oil market report for September 2023.
In May, the nation produced 1.18 mbpd, which was more than the 0.99 mbpd production number seen in the month before, April. However, according to information from the OPEC report, even though the nation's oil output increased in August, it was still less than the 1.249mbpd recorded in June of this year.
Further examination of the report revealed that the nation's output decreased from the 1.277mbpd output seen in the previous quarter to an average of 1.144mbpd in the second quarter of 2023. Despite a little increase in August, Nigeria's oil production has recently been plummeting. Operators have demanded coordinated measures to increase oil production in order to generate more foreign currency for the nation.
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The decline in oil output was a warning sign, according to Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria. “That is a very dangerous signal of trouble that is coming. This is because we thought that with what the Tompolo team is doing, we should be approaching about two million barrels of crude oil production per day,” Billy Gillis-Harry said.
“So if the volume of reduction is this frightening, then it is something that calls for urgent investigation. It portends an economic downturn that could be drastic if the situation continues. However, I believe that with all of these new oil discoveries in Nasarawa and Bauchi, and production commencing, there may be a positive change,” he added.