Crude oil production in Nigeria, including condensates and natural gas liquids, fell by 23.94 million barrels in the second quarter of this year, down from a total of 165.62mb in the preceding quarter to 141.68mb.

According to the latest economic report of the Central Bank of Nigeria, the estimated average price of Nigeria’s reference crude, the Bonny Light, during the review period was $46.44 per barrel.



This, therefore, implies that the country lost about $1.11bn (N3.39tn at the official exchange rate of N305 to one dollar) as a result of its inability to produce as much as it did in the first quarter of this year.



The apex bank in its report stated that Nigeria’s crude oil production was estimated at an average of 1.54 million barrels per day or 141.68 million barrels for the second quarter of 2016.



“This represented a decline of 0.37mbd or 15.4 per cent, relative to 1.82mbd or 165.62 million barrels produced in the first quarter of 2016,” it added.

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