• About Us
  • Terms & Conditions
  • Contact Us
Thursday, February 2, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

    Why CBN should not extend naira swap deadline – Atiku

    Kwankwaso not stepping down for Atiku, Tinubu – Campaign spokesperson

    NNPP not having merger discussion with any party – Kwankwaso

    Hoodlums attack INEC office in Anambra, destroy ballot boxes

    Hoodlums attack INEC office in Anambra, destroy ballot boxes

    Place Peter Obi on terror watch list – Keyamo tasks security agencies

    Obi not in talks with Atiku, won’t step down — Campaign Council

    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    They want to starve us of funds – IPOB  DOS cries out

    They want to starve us of funds – IPOB DOS cries out

    ‘Elements’ in Aso Villa want APC to lose election –  El-Rufai

    ‘Elements’ in Aso Villa want APC to lose election – El-Rufai

    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

    Geregu Power Plc announces first Dividend since listing on NGX

    Geregu Power Plc announces first Dividend since listing on NGX

    MTN Nigeria proposes N23bn Commercial Paper

    MTN Nigeria’s Board of Directors approve payment of N10.00 final dividend for 2022 FY

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    NPF Microfinance Bank Shareholders approve 20k dividend

    NPF Microfinance Bank reports 77.79% growth in Profit for 2022 financial year

    UBA suffers maximum possible loss on NSE as investors dump the stocks

    UBA Africa gets first female CEO

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

    Why CBN should not extend naira swap deadline – Atiku

    Kwankwaso not stepping down for Atiku, Tinubu – Campaign spokesperson

    NNPP not having merger discussion with any party – Kwankwaso

    Hoodlums attack INEC office in Anambra, destroy ballot boxes

    Hoodlums attack INEC office in Anambra, destroy ballot boxes

    Place Peter Obi on terror watch list – Keyamo tasks security agencies

    Obi not in talks with Atiku, won’t step down — Campaign Council

    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    Obanikoro tells court how he gave Fayose N1.2bn from Lagos Security Account

    They want to starve us of funds – IPOB  DOS cries out

    They want to starve us of funds – IPOB DOS cries out

    ‘Elements’ in Aso Villa want APC to lose election –  El-Rufai

    ‘Elements’ in Aso Villa want APC to lose election – El-Rufai

    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

    Geregu Power Plc announces first Dividend since listing on NGX

    Geregu Power Plc announces first Dividend since listing on NGX

    MTN Nigeria proposes N23bn Commercial Paper

    MTN Nigeria’s Board of Directors approve payment of N10.00 final dividend for 2022 FY

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Stanbic IBTC Holdings Plc grow profit by 42% to N81bn in 2022

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    Directors of Geregu Power Plc approve dividend declaration for 2022 FY

    NPF Microfinance Bank Shareholders approve 20k dividend

    NPF Microfinance Bank reports 77.79% growth in Profit for 2022 financial year

    UBA suffers maximum possible loss on NSE as investors dump the stocks

    UBA Africa gets first female CEO

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Economy Economic Data

Nigeria’s oil production slumps to 1.084mbpd in July

Monday, 15 August 2022, 12:54 pm
in Economic Data, Economy
0
Brent rises to near $60 per barrel, lifted by supply cuts
Share Share Share Share Send as Email

Nigeria’s oil production has continued its downward trend, slumping to as low as 1.084mbpd in  July, The Punch reported.

The Federal Government in the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategic Paper (MTEF and FSP) recently presented by the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed said that “crude oil production challenges and PMS subsidy deductions by NNPC” constitute a significant threat to the achievement of Nigeria’s revenue growth targets.

The government blamed the low oil production on shut-ins due to pipeline vandalism and crude oil theft.

The MTEF showed that Nigeria’s oil production stood at 2.13mbpd in 2015 but dipped to 1.48mbpd in 2021.

Read also: Nigeria’s debt service cost overtakes revenue by more than N300bn

Recall that the Organization of Petroleum Export Countries (OPEC) and its allies increased Nigeria’s oil production quota to 1.830 million barrels per day in September 2022 from 1.826 million barrels per day in August.  However it is hard to see how Nigeria will meet OPEC+ oil production quota.

Investogist gathered that Nigeria’s oil production in June was 1.158mbpd dropping from 1.25mbpd day in May.

Source: MTEF 2023 – 2025

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, stated on Friday that the NNPC was partnering with security agencies and other stakeholders to tackle the menace.

He said “We are also creating a platform where end-users, particularly refiners and traders, can validate if the crude they are handling from Nigeria is from genuine sources and whenever they have a non-validated product, they have an obligation to report to the necessary authorities in the world.”

He added, “If they don’t do this, then the culprits are international. That means they are part of the ring and whenever we discover this, we will take necessary actions against such culprits.

“And I’m sure our partners will cooperate with us to make sure that this is done.”

“It is impossible for any refinery to take crude oil that they don’t know its source. It is not possible,” he stated.

“Refineries are designed to process a certain specific grade of crude. They know which crude they are processing. If it is from Nigeria, every refinery knows that it is from Nigeria.

“And it is their (refineries) duty to ensure that they validate this because we have a unique number for every cargo that leaves this country.”

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

Related Posts:

  • Nigeria oil production declined to 1.373 million bpd in July - OPEC report
    Nigeria oil production declined to 1.373 million bpd in July…
  • DMO to auction N150bn FGN Bond for July, 10-year rate slumps
    DMO to auction N150bn FGN Bond for July, 10-year rate slumps
  • Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA
    Ellah Lakes Plc subsidiary to boost soybean production in…
  • NIGERIA TRADEMARK OIL - BONNY LIGHT SLUMPS TO $12 /Barrel
    NIGERIA TRADEMARK OIL - BONNY LIGHT SLUMPS TO $12 /Barrel
Previous Post

Fire razes shops at Balogun, Lagos Island

Next Post

JUST IN: Nigeria’s inflation rate hits 19.64% – highest since 2005.

Next Post
JUST IN: Nigeria’s inflation rate hits 19.64% – highest since 2005.

JUST IN: Nigeria's inflation rate hits 19.64% - highest since 2005.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Security features of the new naira notes revealed by the CBN

JUST IN: CBN orders banks to begin payment of new notes over the counter

Geregu Power Plc announces first Dividend since listing on NGX

Geregu Power Plc announces first Dividend since listing on NGX

MTN Nigeria proposes N23bn Commercial Paper

MTN Nigeria’s Board of Directors approve payment of N10.00 final dividend for 2022 FY

They want to starve us of funds – IPOB  DOS cries out

They want to starve us of funds – IPOB DOS cries out

2022 financial year: UAC of Nigeria posts N2.69 billion loss

2022 financial year: UAC of Nigeria posts N2.69 billion loss

Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

Security features of the new naira notes revealed by the CBN

JUST IN: CBN orders banks to begin payment of new notes over the counter

Atiku heads to Europe on ‘business trip’

Why CBN should not extend naira swap deadline – Atiku

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist