Nigeria’s oil revenues have increased by over $354.8 billion in the third quarter of 2023, as operators increased their crude oil production.
According to the latest data from the Nigerian UPRC (Upstream Petroleum Industry Regulatory Commission), Nigeria pumped 40,396,863 barrels last month, compared to 36,615,125 crude barrels drilled in August. This showcases an increase of exactly 3,781,738 barrels of oil in the 3rd quarter.
In September, Brent crude oil traded at an average price of US$93.72 per barrel, according to Thomson Reuters. This means that Nigeria’s oil revenue increased by over US$354.8 billion, or $273.8 billion at the current exchange rate of US$N772.65/barrel.
Nigeria’s crude oil output has increased to about 1.7 billion barrels daily (mbpd) compared to the 1.1 billion barrels per day recorded in August this year, according to the minister of state for petroleum resources.
The increase in production was attributed to the government and operators being able to identify the source of the problem. Heiner Lokpobiri said that the only solution to the country’s problems is to increase oil production, as this will result in more revenue for the country.
He added that Nigeria’s budget heavily depends on oil production and that to solve the country’s problems, it needs to generate enough forex.