Nigeria lost about N289.6bn crude oil revenue in November 2023 following a plunge in the country’s oil output last month, when compared to what it pumped in the preceding month of October. Meanwhile, further analysis of the NUPRC report showed that in January, February, March, April and May 2023, Nigeria’s crude oil outputs (excluding condensates) were 39,266,420 million barrels, 36,182,712 million barrels, 39,268,847 million barrels, 30,131,770 million barrels and 36,869,280 million barrels respectively. For the months of June, July, August and September 2023, the country pumped 37,827,842 million barrels, 33,761,767 million barrels, 36,615,125 million barrels and 40,396,863 million barrels respectively. Lokpobiri had also said the country has the capacity to increase crude oil production to two million barrels per day. The PUNCH reported on Friday that the dispute over crude oil production quota between OPEC and a few of its members eventually made Angola to exit the global oil cartel on Thursday.

Source: Punch December 25, 2023 12:37 UTC