Finance

Nigeria’s daily oil production rises to 1.235 million barrels

Nigeria’s oil production increased month-on-month by 1.9 per cent from 1.235 million barrels per day recorded in December 2022 to 1.258 mb/d per day in January 2023.

The Organisation of Petroleum Exporting Countries revealed this on Tuesday, in its February 2023 Monthly Oil Market Report.

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According to the report, Nigeria surpassed Angola that produced 1.050 mb/d to become Africa’s leading producer while Equatorial Guinea came last with 55,000 barrels per day during the period.

The report also showed that on a year-on-year basis, the January output was a massive 10 percent drop from the 1.399 mb/d in January 2022.

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The Nigerian Upstream Petroleum Regulatory Commission latest oil production data released indicated that condensate oil production for December was 178,313 barrels per day.

This brought total oil production to 1.4135 million per day during the month.

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Punch

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