By Ismail Auwal
Nigeria’s oil production fell to 1.02 million barrels per day (bpd) in May, down from 1.22 million in April 2022.
This was revealed in the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) latest crude oil and condensate production data for May 2022.
The statistic shows a decline of 16.39% from the country’s oil output in April 2022 and a decrease of 23.8% from the same month in 2021.
Nigeria’s oil production has slowed again, owing to supply problems, decreasing investments, and oil theft, among other factors.
The country produced 1.39 million bpd, 1.25 million bpd, and 1.24 million bpd in January, February, and March, respectively.
It has frequently failed to meet the Organization of Petroleum Exporting Countries’ output quotas (OPEC). The oil cartel just increased its oil production objective. In an era when crude oil prices are over $100 per barrel, the country will not only lose money, but will also continue to spend more on underpriced gasoline sales, known as petrol subsidy.
