OIL OUTPUT DROP SLOWS NAIRA STABILITY QUEST
Written by Oyebamiji Idowu on November 14, 2023
Nigeria’s crude oil production fell last month after two consecutive months of increase, putting a damper on the government’s drive to ramp up its foreign exchange earnings and stabilise the naira.
Crude oil production declined to 1.56 million barrels per day in October, indicating a 0.65 per cent drop from the preceding month, a new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed.
According to the report, the average crude oil production for the month was 1.35mbpd, while blended and unblended condensate were 48,461 and 163,038bpd respectively.