Nigeria Bureau of Statistics (NBS) has revealed that the average daily crude oil production in Nigeria has dropped to 1.4 million barrels per day in the second quarter of 2024 from 1.5 mbpd in the first quarter.
NBS stated this in its latest data on the quarterly Gross Domestic Product (GDP) for 2024. A further analysis of the data showed that the average crude oil production in Q1’24 was 1.57(mbpd), but it reduced by 0.16 million bpd in the second quarter. According to the data, the oil sector contributed only 5.7 per cent to the total GDP during the same period.
It further showed that on a year-to-year basis, the oil sector’s real growth was 10.15 per cent to the GDP, which is a 23.58 percentage point improvement from the -13.43 per cent recorded in the same quarter of 2023.
NBS report also revealed that in terms of crude oil volume, the crude oil output rose from 1.22mbpd in the second quarter of 2023 to 1.41mbpd in the second quarter of 2024.
According to the report, crude oil output is experiencing a modest year-on-year increase but slight declines on a quarterly basis. Meanwhile, yhe landing cost of diesel (AGO) to Nigeria has dropped N1,117.62 per litre while that of aviation fuel (JetA1) reduced to N1,086.95per litre.
These were contained in a Competence Centre energy bulletin of the Major Oil Marketers Association of Nigeria (MEMAN) released yesterday. The publication also highlighted that the following prices at the Stock Market of Conoil, N144.00 (static); Eterna, N19.90 (decrease of 9.55%); Geregu, N1,000 (no change); MRS, N132.70 (no change); Oando, N43.50 (increase of 9.99%); Seplat N3.730.10 (no change); Total, N511.90 (no change) and Transpower, N372.40.
Recall that as of last Friday, the landing cost of diesel (AGO) to Nigeria was N1,120.22 per litre while that of aviation fuel (JetA1) was N1,089.87 per litre. The report added that the stock market prices of some companies were: Conoil, N144.00; Eterna N19.90; Geregu N1,000.00; MRS N132.70; Oando, N43.50; Seplat N3,730.10; Total, N511.90 and Transpower, N372.40.
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