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Nigeria’s oil production topped 1.8 million barrels per day in July, regulator says - REUTERS
BY Isaac Anyaogu Bala-Gbogbo
LAGOS, Aug 4 (Reuters) – Nigeria’s oil production surpassed 1.8 million barrels per day (bpd) last month, with current average output at 1.78 million bpd, Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission, said at a conference on Monday.
The West African country, Africa’s largest oil producer, relies on crude oil for nearly two-thirds of government revenue and over 80% of foreign currency earnings, making production gains critical for stabilising its economy.
However, widespread oil theft and years of underinvestment have curtailed output and strained public finances in recent years.
(Reporting by Isaac Anyaogu Bala-Gbogbo; Editing by Kirsten Donovan)
