Nigeria’s oil production in May increased by 50,000 per day (bpd) to lift the output of the Organisation of Petroleum Exporting Countries (OPEC) to 26.63 million bpd.
Nigeria and Iraq both pumped 50,000 bpd above their April production as OPEC output increased by 145,000 bpd in May alone.
Ahead of official data from OPEC, a survey by Reuters published yesterday showed that Nigeria’s output is now about 1.331 million bpd against the previous month which was 1.28 million bpd.
Despite the increase, Nigeria is still far from meeting its OPEC quota of 1.5 million bpd and 2024 budget benchmark of 1.78 million bpd.
While OPEC had extended its production cut earlier on Sunday, its members and allies pumped about 250,000 bpd more than the target for the nine members.
The federal government had in the 2024 budget estimated N18.3 trillion revenue, expecting that N8.0 trillion or 43.9 per cent would accrue from oil revenue but the projection has been challenged by the dismal output of oil production.
OPEC members in April produced about 26.58 million barrels per day. This is a decline of 48 thousand barrels compared to the production in March.
