In Q1 2023, oil revenues reached N1.68 trillion

Jul 15, 2023 | Business | 0 comments

Petroleum Prices
The Federal Government’s latest oil production numbers indicated that Nigeria’s crude oil revenues surged to over N1.68tn in June 2023 after a rise in output last month.

On Thursday, the Nigeria Upstream Petroleum Regulatory Commission’s June 2023 crude oil production report showed that the country’s daily oil output jumped to 1,248,960 barrels.

Nigeria produced 65,269 fewer barrels of crude oil daily in May than in June.

In June, crude oil production rose to 37,468,798 barrels from 36,694,427 in May, according to the data.

In June, Nigeria produced 774,326 more barrels of oil than in May.

The World Bank estimated that crude oil cost $74.89/barrel in June 2023. By producing 37,468,798 in June, the nation earned $2.81bn from the commodity.

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According to 2023 dollar/naira spot exchange rates, the Federal Government’s June oil profits were N1.68tn at an average exchange rate of N600.43/$.

In May, when crude oil averaged $75.70/barrel, and the exchange rate was N461.4/$, it was N1.28tn.

On June 14, 2023, the Central Bank of Nigeria combined Nigeria’s currency rates into the Investors and Exporters window, enabling market forces to set the rate. The average dollar exchange rate rose in June.

In September 2022, Nigeria produced 0.937 million barrels per day, the lowest level in a year. The Federal Government and oil industry blamed significant petroleum theft in Nigeria’s oil-rich Niger Delta.

Due to the circumstance, Nigeria, multinational oil firms, and indigenous operators lost money.

After September, security authorities and oil operators improved oil output to 1.014 million barrels per day in October.

This was 0.077mbpd higher than September’s 0.937mbpd. The nation produced 1.185mbpd crude in November, up 0.171mbpd from October.

Nigeria produced 1.253mbpd in December, up 0.05mbpd from November.

In January 2023, oil production was 1.258mbpd, up 23,000bpd from December 2022’s 1.235mbpd.

February production was 1.31mbpd, maintaining momentum. In March, oil production decreased to 1.27mbpd, ending Nigeria’s seven-month streak. April saw 0.998mbpd.

On Thursday, the NUPRC reported that oil production jumped to 1.25mbpd from 1,183mbpd in May.

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