Nigeria produced an estimated 37.2 million barrel of crude oil at the rate of 1.2 million barrels a day in the month of May, CBN report revealed.
According to sources, this represents an increase of 10.1 per cent over its level in the preceding month but a decline of 20.1 per cent from its level in the same month in 1986.
The report stated that Nigeria‚Äôs crude oil production (within OPEC quota of 1.238 mbd) during the review month was 7.1 and3.1 per cent of OPEC and total world output. This is however outside the centrally planned economies compared with the previous month‚Äôs level of 7.0 and 2.7 per cent respectively.
Nigeria the report said exported 28.4 million barrels of crude oil during the month of May. This was 10.1 per cent higher than the preceding moth‚Äôs but 28.6 per cent lower than the level in May 1986.
The crude oil exports during the month contributed 2 per cent of total world consumption compared with 1.9 and 2.8 per cent in the preceding month and in the corresponding month of 1986 respectively.
The official selling price of the Bonny light crude was $18.92 a barrel. However, the quoted net back price was $19.18 per barrel indicating a premium of $0.26 over the official selling price and increases of 3.7 and 25.8 per cent over its levels in the preceding month and in May 1986 respectively.