Nigeria’s crude oil export fell by 1.6 million barrels in May, representing a 6.8 per cent decline from data for April export, according to figures obtained from the Central Bank of Nigeria (CBN). The CBN, in its economic report for May, put oil export for the period at 1.37 million barrels per day (mbd) or a cumulative of 42.5 million barrels, as against 1.47 mbd or 44.1 recorded the preceding month, The allocation of crude oil for domestic consumption was 0.45 mbd or 13.5 million barrels in the review month, according to the report obtained yesterday. In addition, Nigeria’s crude oil production, including condensates and natural gas liquids, was 1.82 mbd or 56.4 million barrels (mb) in the reviewed month. This also represented a decline of 0.01 mbd or 5.2 per cent compared with 1.92 mbd or 57.6 million barrels (mb) produced in the preceding month. The average spot […]