Nigeria’s oil output has fallen as global prices rise on the back of escalating Iran-Israel tensions. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the country’s crude production fell by 5.57 percent between January and May 2025. The nation’s production fluctuated through the first five months of the year, with output at 1.539 million barrels per day (bpd) in January, 1.465 million bpd in February, 1.401 million bpd in March, 1.486 million bpd in April, and 1.45 million bpd in May. This development
Nigeria’s oil output has fallen as global prices rise on the back of escalating Iran-Israel tensions. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the country’s crude production fell by 5.57 percent between January and May 2025. The nation’s production fluctuated through the first five months of the year, with output at 1.539 million barrels per day (bpd) in January, 1.465 million bpd in February, 1.401 million bpd in March, 1.486 million bpd in April, and 1.45 million bpd in May. This development