hot selling has a high oil rate in nigeria

                                               
                                               
                                               
                                               
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  • Why are Nigeria’s oil prices so low?
  • Rising domestic consumption thus weighs on the current account. Another reason Nigeria’s public finances benefit so little from high oil prices is that production itself has slumped to 1.1m barrels per day, the lowest in decades (see chart 2). Output has been dipping since 2005. This year it has dived.
  • How much oil did Nigeria produce in August?
  • Nigeria’s oil revenues increased by around N188.71bn during the review period as a result of producing an additional 2,853,358 barrels of crude oil in August. According to OPEC’s daily crude production estimates, Nigerian oil production grew to 1.181 million barrels per day in August of this year.
  • Why is Nigeria’s oil output fluctuating?
  • Despite the August boost, Nigeria’s oil output has been fluctuating, raising concerns among industry experts. In August 2023, Nigeria’s earnings from the export of crude oil (excluding condensates) grew by N188.7 billion as a result of a slight rise in production of the commodity by both foreign and domestic sector players.
  • What happened to Nigeria’s oil output in August 2023?
  • Nigeria’s crude oil exports surged, adding N188.7 billion to revenue in August 2023. Oil production increased by 2,853,358 barrels in August compared to July, according to OPEC data. Despite the August boost, Nigeria’s oil output has been fluctuating, raising concerns among industry experts.