Nigeria’s crude oil production has remained below par, decreasing to an average of 937,766 barrels per day (bpd) in September.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said in its latest crude oil and condensate production data for September 2022 that the country’s crude oil production dropped to an average of 937,766 barrels per day (bpd) in September.
The production figure is 3.56 per cent or 34,628 bpd lower compared to the August 2022 output at 972,394 bpd.
The figure represents the third consecutive decline in production.
It is also lower than the 1.8 million bpd production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
According to NUPRC’s data, with the addition of condensate, oil output plunged to a total of 1.14 million bpd from 1.18 million posted last month.
Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil — usually separated out of a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions.
In January, February, March, April, and May, the country’s crude oil production averaged 1.39 million bpd, 1.25 million bpd, 1.24 million bpd, 1.22 million bpd, and 1.02 million bpd, respectively.
Also, crude oil production averaged 1.16 million bpd and 1.08 million bpd in June and July, respectively.
