crude production rises to 1.3 million barrels

Nigeria's oil production continues to increase, with February 2023 recording a high of 1,306,304 barrels per day, according to the Federal Government's latest oil production report. The increase in oil production has led to a rise in the country's oil earnings by N51.16bn ($110.966m), as the average cost of Brent was $82.3 per barrel in February 2023. Nigeria's oil output rose from 1,258,150 barrels per day in January to 1,306,304 barrels per day in February, indicating an increase of 48,154 barrels of crude daily.

The increase in oil production is a result of the government's efforts to reduce crude oil theft by vandals and thieves. In addition, the report also showed an increase in blended and unblended condensates in February. The government is focused on reviving shut-in wells and implementing initiatives that will enhance national oil and gas production volumes.