Nigeria Crude Oil Earnings Surged by N363bn

SEATTLE (Oil Monster): Nigeria reported significant improvement in oil earnings during the past three months. The earnings from crude oil sales edged higher by N363bn during the three-month period ended December 2022.

The latest statistics published by the Federal Ministry of Petroleum Resources indicate that Nigeria’s oil production rose by 1.014 million barrels per day in October, significantly higher when compared with the output of 0.937mbpd output in September 2022. The country produced 1.253mbpd of oil in December, marginally higher by 0.05mbpd from November 2022 output.

ALSO READ:

NECA: Nigeria Losing Nearly $2.5 Billion Every Month on Underproduction

Nigerian Crude Oil Output Dipped 12% in 2022

The crude pumped during November last year registered an increase by 0.171mbpd from October to total 1.185mbpd.

At average crude oil prices during October, the country earned additional N101.02bn. The oil earnings increased by N208.31bn and $118.45m during the months of November and December in 2022. Combined, the revenue from crude oil exports surged higher by N363bn during the last quarter of the previous year.

The increased revenues indicate that the efforts of security agencies to thwart crude oil theft and pipeline vandalism in Niger Delta region have yielded results. It must be noted that the federal government had promised to eradicate theft and vandalism along the region before May this year.