NUPRC: Nigeria’s Oil Output Slumped in July

SEATTLE (Oil Monster): The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) published its latest report outlining the country’s drilling performance during the month of July this year.

According to NUPRC data, the country’s oil output declined to touch 1,081,396 barrels per day (bpd) during the month. This is significantly lower by 167,564 bpd or 15.5% compared with the prior month. The production had totalled 1,248,960 bpd produced in June 2023. The production recorded month-on-month decline for the third time since April.

With the addition of condensate, the country’s oil production dropped to 33.5 million bpd in July, compared with 37.5 million bpd in June.

The NUPRC data suggests that the country lost four million barrels of oil between June and July this year. This translates to a loss of $320.4 million in revenues. This has contributed to loss in Nigeria’s foreign exchange reserves from $37.1 billion in the beginning of the year to $33.9 billion in July 2023.

The Commission blamed vandalism on pipe infrastructure and crude oil theft for the recent plunge in country’s oil output.

Earlier this month, the Organization of Petroleum Exporting Countries (OPEC), in its report, had stated that Nigeria has slipped to become the third largest oil producing country in the African region.