The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production increased to an average of 1.238 million barrels per day (bpd) in June 2022.
OPEC made this known in its Oil Market Report for July 2022 which was obtained on Tuesday in Lagos.
The report said the figure showed an increase of 5,000 barrels per day when compared to the 1.233 million bpd produced averagely in the month of May 2022.
“According to secondary sources, averaged 28.72 mbpd in June 2022, higher by 234,000 barrels per day month-on-month.
“Crude oil output increased mainly in Saudi Arabia, the United Arab Emirates, Iran, Kuwait and Angola, while production in Libya and Venezuela declined,” the report said.
The report said despite the improvement in fossil fuel prices, the short-term economic outlook for Nigeria was clouded by high inflation, which had reduced private sector optimism and weakened consumer spending.
Kindly like us on Facebook
