Nigeria's NNPC Revenue Drops in May Despite Higher Oil Output
Nigeria's NNPC Revenue Drops in May Despite Higher Oil Output Russia’s military, political, and economic… NNPC Limited booked lower revenues in May compared to April despite the higher crude oil and condensate production, the latest monthly figures by the Nigeria's state oil and gas firmshowed.
NNPC's revenues fell to $3.15 billion (4.335 trillion Nigerian naira) in May, from $3.62 billion (4.97 trillion naira) in April, as oil prices eased from the Iran war-time highs seen in April.
Profit after tax also fell in May from the previous month, despite the fact that crude and condensate production inched up to 1.73 million barrels per day (bpd), up from 1.68 million bpd in April.
Crude production in Nigeria has been rising in recent months, as Africa's top oil producer is working to overcome well production and pipeline issues that have been holding back the industry.
Nigeria in May actuallyproduced 102% of its OPEC+ quotaof 1.5 million bpd, slightly exceeding the ceiling, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Nigeria has shown sustained growth in its crude and condensate output so far this year.
Total oil output rose from 1.48 million bpd in February to 1.7 million bpd in May, according to the figures reported by the NUPRC.
Nigeria hasstruggled to pumpto its quota in recent years as sabotage often led to force majeure at major export streams.
However, with a recent crackdown on oil theft and sabotage in the Niger Delta, Nigeria has managed to increase crude production and aims for further growth by 2030.
Nigeria is actively increasing its crude oil production in response to major global supply disruptions caused by the war in Iran, with authorities now aiming to raise output by100,000 barrels bpdin the immediate term to capture widening supply gaps.
NNPC is set to increase oil production to2 million bpdover the next two years, its executive vice president for upstream, Udy Ntia, said in November 2025.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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