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Oil Production Hits 1.2mbpd In December
The Nigerian Upstream Petroleum Regulatory Commission has said that crude oil production in Nigeria rose to 1.235 million barrels per day in December 2022. This is the highest output since March when the country produced 1.237mbpd. Figures obtained from the commission showed that oil production increased from 1.185mbpd in November to 1.235mbpd in December. Crude…
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Nigeria’s Oil Output Rises By 17%
According to the December 2022 Monthly Oil Market Report, MOMR, of the Organisation of Petroleum Exporting Countries Nigeria’s oil production increased month-on-month, MoM, to 1.186 million barrels per day in November 2022. This is up about 17 per cent from 1.014 mb/d in October 2022. This is the second consecutive MoM rise in output following…
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Oil Production Hits 1.18mbpd In November
The latest oil production figures obtained from the Nigerian Upstream Petroleum Regulatory Commission have shown that Nigeria’s crude oil production rose to 1.185 million barrels per day in November 2022. This represents the highest output by the country in the past seven months. Also, the country’s output increased by 171,119 barrels per day in November…
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Is Nigeria’s Oil Sector Experiencing More Growth In 2022?
According to new data from the Nigerian Upstream Petroleum Regulatory Commission, Nigeria surpassed its 1 million BPD quota for November and October, a welcome development from August when the commission announced the country was unable to meet its OPEC quota owing largely to oil theft and vandalism. The report details that oil production output in…
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Foreign Trade Drops By N1.24tn
According to the ‘Foreign Trade in Goods Statistics (Q3 2022) released by the National Bureau of Statistics, Nigeria’s total merchandise trade fell by N1.24trillion. This is from N12.84trillion in the second quarter of 2022 to N11.59trillion in the third quarter of 2022. This drop was influenced by the decline in crude oil exports, which fell…
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Nigeria Ranks Seventh On OPEC Production List
According to the a Monthly Oil Market Report for November, Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list. Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria. While Nigeria’s production was 1.…
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Nigeria Loses Three Million Oil Barrels Monthly
The Nigerian Upstream Petroleum Regulatory Commission has revealed its latest findings that about 1.2 million barrels of crude oil was consistently shut in by producers across various oil wells in the Niger Delta. This is due to the incessant oil theft in the industry, NUPRC said. It also stated that current statistics showed that the…
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Oil Sector Records 98% Spillage From Sabotage
In a report by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, oil theft through pipeline sabotage caused 98 percent of oil spill in Nigeria’s oil and gas sector since June this year till date. The government regulatory body said that the sector recorded 60 fatalities (deaths) and 62 injuries from 34 incidents between September…
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Nigeria Loses N101bn Worth Of Oil In July
Data from the Organisation of Petroleum Exporting Countries has showed Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June 2021. In its latest Monthly Oil Market Report for August 2022, OPEC stated that crude oil production figures based on…
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Oil Sector Growth Dropped By 26% In Q1
Figures by the National Bureau of Statistics have revealed that real growth of the oil sector was –26.04% (year-on-year) in the first quarter of 2022. This indicates a decrease of 23.83 percent points relative to the rate recorded in the corresponding quarter of 2021. In a report titled “Nigeria Gross Domestic Product Q1 2022,” the…