THE Organization of Petroleum Exporting Countries, OPEC, yesterday, put Nigeria’s crude oil output, excluding condensate, at 1.544 million barrels per day, bpd in May 2025.
This showed a marginal increase of 1.44 per cent from 1.522 million bpd recorded in April 2025.
In its June 2025 Monthly Oil Market Report, MOMR, released, yesterday, OPEC said this was based on data based on secondary sources.
Also, many crudes prices, including Nigeria’s Bonny Light, yesterday, hovered at $73 per barrel, indicating $2 per barrel below the nation’s $75 per barrel budget 2025 reference price.
The nation’s N54.99 trillion 2025 budget is based on $75 per barrel, 2.06 million bpd output and exchange rate N1, 500/$.
In his recent statement, Gbenga Komolafe, the commission’s chief executive officer (CEO), Nigerian Upstream Petroleum Regulatory Commission, said efforts were ongoing to increase Nigeria’s output.
He said: “As the regulator of Nigeria’s upstream petroleum industry, the NUPRC remains committed to providing a transparent, predictable, and investment-friendly environment that encourages the development of new crude streams and ensures optimal value for the Nigerians.”