Nigeria’s crude oil income increased to over N1.68 trillion in June 2023 as the country shored up its output last month, according to an analysis of oil production figures released by the federal government.
Data released by Nigeria Upstream Petroleum Regulatory Commission (NUPRC) on Thursday, July 13, 2023, showed that crude oil production rose to 1,248,960 million barrels daily.
The report showed that Nigeria produced 1,183691 million barrels of crude oil daily in May, 65,269 barrels lower than in June.
The development reveals that Nigeria’s output increased by 774,326 barrels in June compared to crude oil production in May. A World Bank report puts the average cost of crude oil in June 2023 at $74.89/barrel. By producing 37,468,798 in June, Nigeria earned about $2.81 billion from oil sales in the month under review. At an average exchange rate of N600 per dollar in June, Nigeria earned about N1.68 trillion from the commodity.
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