Oil earnings rise by N363bn in three months

Nigeria is making progress in oil earnings following improvements in security in the Niger Delta region, as the country raked in an additional N363bn from crude oil sale in the months of October, November and December 2022.

Figures obtained from the Federal Ministry of Petroleum Resources on Sunday, showed that the country’s oil production rose by 1.014 million barrels per day in October, representing an increase of 0.077mbpd when compared to the 0.937mbpd output in September.

In November, the country pumped 1.185mbpd crude, indicating an increase of 0.171mbpd when contrasted with the daily output in the preceding month of October.

Also, in December last year, oil production kept increasing, as Nigeria produced 1.253mbpd last month, indicating an increase of 0.05mbpd when compared to its output in November.

Data obtained from Statistica and Countryeconomy, two international economic and statistical firms, showed that in October, November and December 2022, the average cost of Brent, the global benchmark for crude, was $93.4/barrel, $89.62/barrel and $76.42/barrel respectively.

Since oil production in Nigeria rose by 0.077mbpd in October, this represents an increase of 2.387 million barrels in that month.

At an average crude oil price of $93.4/barrel in the review month, it implies that the country earned an additional $222.95m (N101.02bn, at the official exchange rate of N453.1$) in October last year.

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