Nigeria’s oil production has dropped 14.69% to 1.22 million barrels per day, according to a report.

THE Nigerian Bureau of Statistics, NBS, said that Nigeria’s average oil output fell 14.69% year on year, YoY, to 1.22 million barrels per day, mb/d in the second quarter of 2023, from 1.43 mb/d in the same period in 2022.

According to the NBS’s 2023 second quarter Gross Domestic Product, GDP report obtained by Energy Vanguard, “the nation in the second quarter of 2023 recorded an average daily oil production of 1.22 million barrels per day (mbpd), lower than the daily average production of 1.43mbpd recorded in the same quarter of 2022 by 0.22mbpd and lower than the first quarter of 2023 production volume of 1.51 mbpd by 0.29mbpd.”

“Real growth in the oil sector was -13.43 percent year on year in Q2 2023, representing a 1.66 percent point decrease from the rate recorded in the corresponding quarter of 2022 (-11.77 percent).”

“Growth also fell by 9.22 percentage points compared to Q1 2023, which was -4.21 percent.” In the second quarter of 2023, the oil sector grew at a -14.12% year on year rate.

“The oil sector contributed 5.34 percent to total real GDP in Q2 2023, a decrease from the corresponding period in 2022 and a decrease from the previous quarter, where it contributed 6.33 percent and 6.21 percent, respectively.”

“The Mining & Quarrying sector consists of Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying, and other Minerals sub-activities,” according to the report.

In Q2 2023, this sector expanded nominally by -7.11 percent (year on year). Metal ores grew at the fastest rate of all sub-activities, at 186.40%, followed by quarrying and other minerals activity at 60.83%.

“However, with a weight of 85.80% in Q2 2023, crude petroleum and natural gas were the main contributors to the sector.” When comparing Q2 2023 growth rates to Q2 2022 and Q1 2023 growth rates, there was a drop of 56.86% points and a drop of 3.59% points, respectively.

“The Mining and Quarrying sector contributed 6.58 percent to overall GDP in the second quarter of 2023, lower than the 8.20 percent contribution recorded in the second quarter of 2022 and lower than the 6.73 percent contribution recorded in the previous quarter.” In the second quarter of 2023, the Mining and Quarrying sector grew by -12.16 percent year on year.

“It was lower by 1.07 percent points and 8.20 percent points, respectively, compared to the same quarter of 2022 and the first quarter of 2023.” The growth rate observed during the quarter was -11.11 percent quarter on quarter. Mining and quarrying contributed 5.58 percent to real GDP in the quarter under review, lower than the rate of 6.51 percent recorded in the same quarter of 2022 and lower than the rate of 6.26 percent recorded in the first quarter of 2023.”