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.