By Samuel Bankole
Nigeria’s crude oil production rose to 1.427 million per barrel per day in May, from 1.245 million bpd in the previous month, according to the latest report by the petroleum industry regulator.
The total crude oil output, include blended and unblended condensate, which are not usually included in the Organisation of Petroleum Exporting Countries (OPEC) quota for member nations.
The latest data by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that crude oil contributed 1.18 million bpd, blended condensate 65,887 barrels while unblended condensate contributed 178,038 bpd to the total output.
From the NUPRC report, output grew by 14.61 percent month-on-month in May, but was far short of the OPEC quota of 1.68 million bpd for the country.
It also marks a 15.55 percent growth from the corresponding period of 2022 when Nigeria recorded 1,024,371 bpd output.
As a result of the crude oil thief, Nigeria has not been able to meet its production quota, thereby depriving the country of huge foreign exchange and denying it from benefitting from the high oil prices in the international market.
Oil prices rose on Tuesday on apparent bargain hunting, recovering some ground from the previous day’s plunge.
But gains were limited as investors remained cautious ahead of key policy decisions by central banks and on weak economic data from China.
Brent crude futures climbed $1.47, or 2.1 percent, to $73.31 a barrel by 1034 GMT. U.S. West Texas Intermediate (WTI) crude was at $68.32 a barrel, up $1.20, or 1.8 percent.
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