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Nigeria expects oil output to rise to 1.6 mln barrels per day by Q1 2023

Nigeira expects oil production to rise to 1.6 million barrels per day (bpd) by the first quarter of next year, Finance Minister Zainab Ahmed said on Thursday.

Oil production hit 1.185 million (bpd) in November, figures from the country’s petroleum regulator showed, after output fell to less than 1 million in August, the lowest in years due to increased crude oil theft and vandalism of pipelines, forcing some companies to curtail or stop production.

Oil production stood at 1.014 million barrels in October.

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