Nigeria Produces 75.95 Million Barrels of Oil in May: Report

Nigeria produces 75.95 million barrels of oil in May: report

LAGOS, July 8 (Xinhua) — Nigeria, the largest oil producer in African, pumped out a total of 75.95 million barrels of crude oil in May this year, the Central Bank of Nigeria (CBN) said here Friday.

The CBN monthly report for May 2005 released in the nation’s commercial capital Lagos said the country produced a daily average of 2.45 million barrels during the month, compared to 2.30 million barrels a day in April.

According to the report, 62 million barrels out of the total production during the month were exported.

“Crude oil export was estimated at 2 million barrels per day or 62 million barrels for the month, compared with 1.92 million barrels in April 2005,” the CBN report said.

It said 13.8 million barrels, representing 0.45 million barrels per day were delivered to local refineries for processing during the month.

The report also said the estimated average price of the country ‘s crude, the Bonny Light, fell by 5.6 percent in May, which it said, also affected other competing brands.

“The development was attributable to the slow growth experienced by the US economy as well as the increase in US oil inventory,” it said.

Nigeria is the largest oil producer in Africa or the sixth largest oil exporter in the world with a daily crude output of over 2.4 million barrels.