The Nigerian Upstream Petroleum Regulatory Authority (NUPRC) says the country’s oil production decreased to 1,452,941 barrels of oil per day (bpd) in May.
According to NUPRC’s latest crude oil and condensate production data, the current production level signifies a 2.20 percent drop compared to the 1,485,700 bpd in April.
With the addition of condensate, the NUPRC said oil production dropped from 1.68 million bpd in April to 1.65 million bpd in May.
Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil.
It is usually separated from a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions.
The NUPRC also noted that the average crude oil production for May represents 97 percent of the 1.5 million bpd quota set for Nigeria by the Organisation of Petroleum Exporting Countries (OPEC).
“Lowest and Peak Combined crude oil and Condensate Production in May were 1.61 million bopd and 1.810 million bopd respectively,” the commission said.
“The daily average production in May was 1,657,435 barrels per day, comprising of both Crude oil (1,452,941 bopd) and condensate (204,493 bopd).”
On July 11, the National Bureau of Statistics (NBS) said total exports in the first quarter (Q1) of 2025 hit N20.59 trillion, reflecting a 7.42 percent increase compared to N19.17 trillion in the corresponding quarter of 2024.
The value, the bureau said, also represents a 2.92 percent rise compared to N20.01 trillion in the fourth quarter (Q4) of 2024.
On Friday, global oil price jumped over 7 percent for the first time in over four months.
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