NIGERIA’s oil production, including condensate, dropped month-on-month, MoM, by 17.7 percent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023.
The Organisation of Petroleum Exporting Countries, OPEC, had Thursday, disclosed in its May 2023 report that the nation’s oil output, excluding Condensate, dropped by 23 percent, MoM, to 999,999 barrels per day, bpd, in April 2023, from 1.3 million bpd in the preceding month of May 2023.
But in its May 2023 report – Crude Oil and Condensate Production 2023 – obtained by Vanguard, weekend, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, said that the output, including Condensate, also dropped during the same period.
The report indicate that Nigeria was unable to meet its 1.69 million bpd target for the 2023 budget, despite the addition of Condensate that Nigeria has the capacity to produce between 300,000 bpd and 400,000 bpd.
Oil prices drop to $74 per barrel
Meanwhile, the prices of crudes, including Nigeria’s Bonny Light dropped to $74 per barrel, from $80 per barrel, recorded two weeks ago, indicating a dollar below the $75 per barrel budget 2023 benchmark.
Experts predict market rebound
However, Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, expects a leap in the coming weeks.
source:https://www.vanguardngr.com/