By Udeme Akpan, Energy Editor
THE outlook for Nigerias oiloutput, includingcondensate, remains gloomy at 1.4 million barrels per day, mbpd, in the second half of 2024, according to industry data and forecast.
The output forecast is far below the 1.8mbpd quota given to Nigeria by the Organisation of Petroleum Exporting Countries, OPEC, as well as the 1.7mbpd stated as 2024 budget benchmark by the Federal Government.
This indicates oil revenue shortfall of about N1 trillion against the 2024 budgetary expectations.
The data obtained from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, June 2024 report - Crude Oil and Condensate Production - indicated that on month-on-month, MoM, the nations oil output, excluding Condensate dropped by 2.3 per cent to 1.25 million bpd in June 2024, from 1.28 million bpd in April 2024.