• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, August 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Nigeria’s crude oil production increases by 70,000bpd

Oil

The Matters Press by The Matters Press
June 2, 2022
Reading Time: 2 mins read
0
Nigeria regains top crude oil production spot in Africa

Nigeria’s crude oil production increased by 70,000 barrels per day in May according to a Reuters Survey released on Tuesday.

RELATED POSTS

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

Tinubu succeeding where Obasanjo failed woefully, says TMSG

The document, in Lagos, showed that the country’s crude oil production averaged 1.42mbpd in May.

The figure is 70,000bpd higher than the average crude oil production in April, which stood at 1.35mbpd.

The survey said the increase in the Organisation of the Petroleum Exporting Countries (OPEC) oil output in May exceeded the rise planned under a deal with allies for the first time since February.

It said this was due to a higher Saudi and Iraqi supply combined with a partial recovery in outage-hit Nigeria.

The survey said: “The 10 members of OPEC bound by the deal pumped 24.73mbpd in May, up 280,000bpd from April and above the 274,000bpd increase called for by the accord.

“The biggest rise in May of 100,000bpd came from Saudi Arabia.

“The second-largest of 70,000bpd came from Nigeria, which loading schedules indicate boosted exports in May, even though key crude stream Bonny Light remains under force majeure.”

It noted that Kuwait and Iraq provided smaller increases of 40,000bpd and 30,000bpd respectively, while the United Arab Emirates added 20,000bpd.

According to the survey, production did not increase in Congo, Equatorial Guinea and Gabon owing to a lack of capacity.

It said: “The biggest decline was in Libya, where supply dropped by 70,000bpd as unrest continued to curb the country’s output.

“Output in Iran also fell. Exports declined, sources in the survey said, in part because Iran has shipped less oil to China since the start of the Ukraine war as Beijing favoured cheaper Russian crude.”

Reuters survey aims to track supply to the market.

It is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics, as well as information provided by sources at oil companies, OPEC and consultants.

Tags: Oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Next Post
$27.3bn lost to salinity-induced soil degradation annually–SSSN

Centre distributes fertilisers to women farmers

Project investors to boost commercial fodder production in Kano

Project investors to boost commercial fodder production in Kano

Recommended Stories

Group bemoans level of crude oil theft

Indigenous Oil Services Expert proffers solution to oil theft

April 3, 2022
Buhari at FEC

What is Buhari saying about border closure

September 21, 2019
Trading in Nigerian stock market dips further N83bn

NGX All-Share Index up by 0.36%

December 30, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals
  • ‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient
  • Tinubu succeeding where Obasanjo failed woefully, says TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us