Abuja, Sept. 12, 2024 – Nigeria’s crude oil production rose to 1.352 million barrels per day in August from 1.307mbpd in July 2024, according to the Organisation of the Petroleum Exporting Countries (OPEC)
OPEC reported this in its September Monthly Oil Market Report.
According to the report, the average daily crude production rose marginally by 45,000 barrels per day during the period.
Crude oil exports accounted for 74.98 percent of Nigeria’s total export value in the second quarter of 2024.
The National Bureau of Statistics also reported this in its Foreign Trade Goods Statistics released on Wednesday.
According to the data, Crude oil exports contributed N14.56 billion to the country’s total exports in the second quarter of the year.
The data showed that the most exported commodities in the period under review included crude oil, liquefied natural gas, and other petroleum gases in a gaseous state, superior-quality cocoa beans and urea
In Q2 2024, Nigeria’s total exports were valued at N19,418.93 billion, reflecting a 1.31 percent increase compared to N19,167.36 billion in Q1 2024 and a 201.76 percent rise compared to N6,435.13 billion in Q2 2023.
Conversely, the value of total imports in the period under review stood at N12,473.53 billion.
