Crude Oil: Nigeria Produces 56.4mb in May

• Crude Oil: Nigeria Produces 56.4mb in May

Nigeria’s crude oil production, including condensates and natural gas liquids, dipped slightly in May, according to the Central Bank of Nigeria.

In the economic report released for May 2019, the apex bank said crude oil production stood at 1.82 million barrels per day, resulting in a cumulative total of 56.4 million barrels in the review month.

This represents a decline of 5.2 percent when compared with 1.92mbpd or 57.6mb recorded in the month of April.

Similarly, crude oil export decline by 6.8 percent to 1.37 mbpd or 42.5 mb in the month. Again, down from the 1.47 mbpd or a total of 44.1 mb filed in the previous month.

According to the apex bank, the domestic economy was allocated 0.45 mbpd or a total of 13.5 mb in May.

The central bank also noted that Nigeria’s crude oil (Bonny Light) average spot price was US$73.70 per barrel in May, slightly higher than the US$73.03 recorded in April.

Global oil price dipped in June to US$62 a barrel following an unexpected setback in trade talks between the U.S and China.

But the ongoing tensions between Iran and the U.S is expected to cut further global oil supplies as the U.S is likely to heavily sanctions Iran for shooting down its unmanned military drone.