Nigeria produced an estimated 40.311 million barrels of crude oil at the rate of N1.301 million barrels a day (mbd) in the month of August.
This represented an increase of 2.4 per cent above its level in the preceding months but a decline of 26.5 per cent form its level in the corresponding month of last year.
These facts are contained in the Central Bank’s August 1987 monthly report.
The August output which falls within Nigeria OPEC quota of 1.304 mbd, accounted for 6.6 and 3.1 per cent of OPEC and world production, respectively, compared with 6.9 and 2.7 per cent in the previous months.
Nigeria, the report said, exposed 31,341 million barrels or 1.011 mbd in the month showing respective decline of 6.9 and 34.8 per cent from its level in the preceding month and in August 1986.
This, according to the report, accounted for 2.2 per cent of the total world exports compared with 2.7 per cent in the month of July and 3.4 in the month of August 1986.
At 290,000 barrels per day, domestic consumption rose by 56.8 and 31.8 per cent above its levels in the previous month and in the corresponding month of last year respectively.
The upsurge in August reflected improved supply situation at the local refineries which eased the sporadic shortage of petroleum products, especially household kerosine.
The OPEC official selling price of Nigeria’s bonny light (370 API) remained at the $18.92 per barrel as in the previous.
