Nigeria’s oil production has increased from 1.5 million barrels to 1.68 million barrels per day (bpd) between April and May, 2017, showing an increase of 12 per cent, Vanguard reports.
According to the Organisation of Petroleum Exporting Countries (OPEC) report released yesterday, the nation beat Angola, its closest contender in Africa, which had its output drop from 1. 66 million to 1.61 million bpd during the same period.
Despite the increase, Nigeria’s output was still 600,000 bpd below the 2.2 million bpd on which the nation’s 2017 budget was based. This means that the nation has not been earning adequate foreign exchange for the implementation of its N7.44 trillion budget.
In the report, OPEC stated that its output rose by 336,000 barrels per day (bpd) in May to 32.14 million bpd, led by a rebound in Nigeria and Libya, which were exempted from supply cuts because unrest had curbed their output. The boost means OPEC is pumping more than its forecast of average global demand for its crude this year, hindering efforts to reduce a glut.