Nigeria Crude Oil Output Drops In July
Amina Garba
Nigeria’s crude oil production fell in July, with fresh industry figures showing a drop from the previous month.
Vanguard, citing OPEC’s monthly oil market report, put Nigeria’s July output at about 1.546 million barrels per day, down by 37,000 barrels per day from June.
Premium Times, using Nigerian Upstream Petroleum Regulatory Commission data, also reported a fall in July production and said output slipped by about four percent month-on-month.
The two reports used different source datasets, but both pointed to weaker July production after recent official efforts to stabilise supply and improve crude theft surveillance.
The July decline matters because oil revenue remains central to government income, foreign exchange supply and budget projections.
Sources: Vanguard, Premium Times
Written by
Amina Garba
Financial reporter covering CBN policy, oil and gas, government budgets, and macroeconomic trends. Business Writer at NaijaTrend.
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