In its May 2023 report, the Organization of Petroleum Exporting Countries (OPEC) said on Thursday that the country’s oil output, excluding condensate, fell by 23% month over month to 999,999 barrels per day in April 2023 from 1.3 million in May 2023.

However, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, stated in its May 2023 report – Crude Oil and Condensate Production 2023 that the output, including condensate, also decreased during the same period.

Despite the addition of condensate, which Nigeria is capable of producing between 300,000 and 400,000 of, the report reveals that Nigeria was unable to reach its 1.69 million projections for the 2023 budget.

The price of oil falls to $74 per barrel. The price of crude oil, including Nigeria’s Bonny Light, fell to $74 per barrel from $80 per barrel recorded two weeks ago, deviating by $1 from the budgeted benchmark price of $75 per barrel for 2023.

Experts anticipate a market recovery. However, Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, forecasts an increase in the upcoming weeks.