August 23, 2023

Nigeria Economic Update (Issue 31)

The Organisation of Petroleum Exporting Countries (OPEC), in its monthly oil market report for August 2023, revealed that Nigeria’s oil output fell by 13.6 per cent to 1.08 million barrels per day (mb/d) in July 2023. This indicates a 0.16 mb/d decrease from the 1.25 mb/d produced in June.This implies that the country is still operating below its capacity, below the current quota of 1.7 mb/d allocated by OPEC.

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