February 29, 2024
Oil Revenue Crashes By N289.6bn As Output Falls
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Oil Revenue Crashes By N289.6bn As Output Falls

Nigeria lost about N289.6bn crude oil revenue in November 2023 following a plunge in the country’s oil output last month, compared to what it pumped in the preceding month of October.

An analysis of the country’s latest crude oil production figures, obtained from the Nigerian Upstream Petroleum Regulatory Commission in Abuja shows that Nigeria produced 41.8 million barrels of crude (excluding condensates) in October.

But this plunged to 37.5 million barrels in November, representing a decline of 4.3 million barrels when matched against what the country produced in October.

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The average price of Brent, the global benchmark for crude, in November 2023 was $82.94 cents a barrel, according to Country Economy, an international statistical firm.

By losing 4.3 million barrels of crude in November, the value of oil lost by Nigeria in the month under review was about $361m.

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