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Nigeria's NNPC Revenue Drops in May Despite Higher Oil Output

Created at 2 Jul · 1:10 PM1 source↑ Market-relevant
IN SHORT

Nigeria's state oil firm NNPC Limited reported lower revenues of $3.15 billion in May, down from $3.62 billion in April, despite an increase in crude oil and condensate production to 1.73 million barrels per day. The decline was attributed to easing oil prices.

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Key Numbers

$3.15 billionNNPC revenue in May
4.335 trillion Nigerian nairaNNPC revenue in May
$3.62 billionNNPC revenue in April
4.97 trillion Nigerian nairaNNPC revenue in April
1.73 million bpdCrude and condensate production in May
1.68 million bpdCrude and condensate production in April
1.5 million bpdNigeria's OPEC+ quota
102%Nigeria's OPEC+ quota fulfillment in May
100,000 barrels bpdImmediate term output increase target
2 million bpdTarget oil production in two years

Who's Involved

NNPC Limited
Nigeria's state oil and gas firm
Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
Provided production data
Udy Ntia
Executive vice president for upstream at NNPC
Nigeria's NNPC Revenue Drops in May Despite Higher Oil Output

↳ Why This Matters

The revenue drop highlights the sensitivity of Nigeria's economy to global oil price fluctuations, even as production capacity improves. This impacts the nation's ability to meet its budget and manage foreign exchange reserves.

Key facts

  • NNPC Limited's revenue decreased to $3.15 billion in May from $3.62 billion in April.
  • Crude oil and condensate production rose to 1.73 million barrels per day in May.
  • Nigeria produced 102% of its OPEC+ quota in May.
  • The decline in revenue is linked to lower oil prices compared to April.

Nigeria's state oil firm, NNPC Limited, reported a decrease in revenue for May, falling to $3.15 billion from $3.62 billion in April, despite an increase in crude oil and condensate production. The company's output rose to 1.73 million barrels per day (bpd) in May, up from 1.68 million bpd in April. This production level exceeded Nigeria's OPEC+ quota of 1.5 million bpd. The revenue decline is attributed to lower oil prices, which had reached wartime highs in April due to the Iran conflict. Nigeria has been working to overcome production and pipeline issues, and recent crackdowns on oil theft have helped boost output. The country aims to increase production to 2 million bpd within the next two years.

Frequently asked questions

Revenue fell because oil prices eased from the highs seen in April, which were influenced by the Iran war. Despite producing more oil, the lower price per barrel resulted in less overall revenue.

Nigeria produced 1.73 million barrels per day of crude oil and condensate in May, exceeding its OPEC+ quota of 1.5 million bpd.

NNPC aims to increase oil production to 2 million barrels per day within the next two years.

What Happens Next

01NNPC aims to increase oil production to 2 million bpd over the next two years.

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How It Developed

NNPC Limited's May revenue fell to $3.15 billion from $3.62 billion in April.
Crude and condensate production increased to 1.73 million bpd in May from 1.68 million bpd in April.
Nigeria exceeded its OPEC+ quota of 1.5 million bpd in May.
Nigeria aims to increase oil production to 2 million bpd within two years.

Sources

T1
Nigeria's NNPC Revenue Drops in May Despite Higher Oil OutputOilPrice.com

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