Nigeria’s Crude Oil Production Increases by 2.3%

The Organization of Petroleum Exporting Countries (OPEC), in its July report, stated that Nigeria’s crude oil output was up by 43 barrels per day or 2.3 percent to reach 1.911 million barrels per day (mbpd) in June, from 1.868 mbpd recorded in May. Relying on secondary sources for its calculations, OPEC noted that this represents 80 percent of projected production of 2.39 mbpd in 2014 budget as shown in the Medium Term Expenditure and Fiscal Strategy Paper of the Federal Government for the period 2014-2016.