Nigeria’s oil production spikes, boosting the country’s earnings by N188.7 Billion

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.

Source: Business Insider