Revenue crunch looms as Nigeria’s Q2 oil production slumps to 1.22m bpd

Revenue crunch looms as Nigeria’s second Quarter production dropped to 1.22 million barrels per day (mbpd).

The National Bureau of Statistics disclosed this in its 2023 second-quarter Gross Domestic Product, GDP report released on Friday.

The report noted that the Q2 2023 figure is lower than the daily average production of 1.43mbpd recorded in the same quarter of 2022 and less than the first quarter of 2023 production volume of 1.51 mbpd.

Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC) reduced its daily oil production benchmark from 1.742 million barrels per day to 1.38 million bpd in the period under review.

“The nation in the second quarter of 2023 recorded an average daily oil production of 1.22 million barrels per day (mbpd)”.

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Also, in the report, the oil sector contributed only 5.34 per cent to the country’s real GDP in Q2 2023.

Newspot reported that Nigeria’s GDP slowed to 2.51 per cent compared to 3.56 per cent recorded in Q4 in 2023.