By Edozie Obasi-Eze
Between January and November 2021, Nigeria produced a total of 440.774 million barrels of crude oil which could have helped the country earn about N12.4tn.
This was contained in a report on Crude Oil and Condensate Production for 2021, obtained from the Nigerian Upstream Petroleum Regulatory Commission on Tuesday.
The document revealed that oil production during the 11-month period oscillated, attaining a peak of 44.287 million barrels in March, with the least production volume of 37.405 million barrels recorded in September.
According to the document, production volumes recorded in January, February, April, May and June stood at 42.195 million barrels, 39.869 million barrels, 41.17 million barrels, 41.679 million barrels and 39.4 million barrels respectively.
Similarly, in July, August, October and November, Nigeria’s crude oil production volumes stood at 41.026 million barrels, 38.406 million barrels, 38.06 million barrels and 38.247 million barrels respectively.
With the official exchange rate fluctuating between N379 and N400 to the dollar for the period under review, the average was applied to arrive at the sum of N12.4tn.
