Nigeria experienced a decline in crude oil production during May, with output dropping to 1.45 million barrels per day according to figures released by the Nigerian Upstream Petroleum Regulatory Authority (NUPRC).

The May production figures represent a 2.20% decrease from April’s output of 1.49 million barrels per day. When including condensate production, total output fell from 1.68 million barrels per day in April to 1.65 million barrels per day in May.

The regulatory authority explained that condensate consists of light liquid hydrocarbons resembling high-quality crude oil. This substance separates from natural gas streams during field production when gas temperature and pressure reduce to normal atmospheric levels.

Despite the monthly decline, Nigeria’s crude oil production in May achieved 97% of its 1.5 million barrel per day allocation established by the Organisation of Petroleum Exporting Countries (OPEC). The commission reported that combined crude oil and condensate production ranged between a minimum of 1.61 million barrels per day and a maximum of 1.81 million barrels per day during the month.

Breaking down the daily average of 1.66 million barrels per day, crude oil accounted for approximately 1.45 million barrels while condensate contributed roughly 204,500 barrels.

In related economic developments, the National Bureau of Statistics reported on July 11 that Nigeria’s total exports reached N20.59 trillion during the first quarter of 2025. This figure marks a 7.42% increase compared to the same period in 2024 and a 2.92% rise from the previous quarter.

Meanwhile, international oil markets saw significant movement on Friday, with global oil prices surging more than 7% in their largest single-day gain in over four months.