In the month of August, crude oil earnings from the Nigerian oil industry rose to a new record high as production levels soar.
Data sourced from the Nigerian Upstream Petroleum Regulatory Commission and the Organisation of Petroleum Exporting Countries (OPEC) revealed that Nigeria’s crude oil revenue showed crude oil production grew to 36,615,125 barrels, excluding condensates.
This production figure represented a substantial increase compared to the 33,761,767 barrels produced in July.
Also, this surge translated into a massive 2,853,358 barrel increase in oil production for August, signifying a substantial boost to the country’s revenue.
The surge in crude oil production came at a time when the global oil market was experiencing robust demand, with the average cost of Brent, the global crude oil benchmark, standing at $86.16 per barrel in August 2023.
Simultaneously, the average exchange rate of the United States dollar in Nigeria for the same period was N767.6.
This substantial production increase in August propelled Nigeria’s oil earnings to rise by approximately N188.71 billion during the review period, a development that holds significant promise for the country’s economic stability and growth.
While this surge in crude oil earnings is undoubtedly a positive development, it also underscores the importance of maintaining and further bolstering oil production in the coming months.
Stakeholders and industry experts emphasize the need for sustained efforts to boost oil output, not only to meet domestic demand but also to generate more foreign exchange, which is essential for imports and economic development.
