Oil Earnings Rise by N188.71b as Output Appreciates

Nigeria’s revenue from sale of crude oil (excluding condensates) increased by N188.7bn in August 2023, following a marginal gain in the production of the commodity by both international and indigenous operators in the sector.

Data obtained from the Nigerian Upstream Petroleum Regulatory Commission and the Organisation of Petroleum Exporting Countries confirmed that oil output from Nigeria appreciated in August, as against what obtained in the previous month.

It was observed that in August, the country pumped a total of 36,615,125 barrels of crude oil (excluding condensates), which was higher than the 33,761,767 barrels produced in the preceding month of July.

This indicated that oil production in August was higher than what was produced in July by 2,853,358 barrels.