Therefore, by producing an additional 2,853,358 barrels of crude oil in August, Nigeria’s oil earnings rose by about N188.71bn in the review period.
Data obtained from the Nigerian Upstream Petroleum Regulatory Commission and the Organisation of Petroleum Exporting Countries confirmed that oil output from Nigeria appreciated in August, as against what obtained in the previous month.
Nigeria’s oil output had been nosediving lately, despite the marginal rise in August. Operators have called for concerted efforts to boost oil output in order to gain more foreign exchange for the country.
He said oil theft was not only stopping Nigeria from meeting its production quota as approved by OPEC, but was denying the country a lot of dollars required for the imports of goods.
This indicated that oil production in August was higher than what was produced in July by 2,853,358 barrels.
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