According to direct communication data in February 2023 from the oil market report produced by the Organisation of Petroleum Exporting Countries (OPEC) in January 2023, Nigeria’s crude oil production increased to 1.258 million barrels per day (bpd) from a total oil production figure of 1.235 million bpd in December 2022. This represents an increase of 23,000 bpd in January 2023 when compared with the preceding month, December 2022.
March 10, 2023
Nigeria Economic Update (Issue 6)
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Nigeria Economic Update (Issue 7)
Recent domestic Crude oil statistics from the Nigerian National Petroleum Corporation (NNPC), reveals an increase in total crude oil export sales in December 2016. Relative to November 2016, total export sales of crude oil rose from $166.18 million to $195.40 million in December 2016 representing 17.6 percentage (Month-on-Month) increase. The increase is attributable to a rise in crude oil production following a drastic (Year-on-Year) reduction in pipeline vandalism in the preceding month. Given that improvement in oil revenue is critical to fiscal sustainability and external balance, intensified efforts should be implemented towards the maintenance and sustainability of peace in the Niger Delta Region.