Nigeria Meets Q2 Crude Oil Target with 53.7 Million Barrels Supplied

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that local refineries received 53.7 million barrels of crude oil and condensate in Q2, meeting a target of 97.4% for the period.

According to Eniola Akinkuotu, Head of Media and Corporate Communications at NUPRC, the commission allocated 18.1 million barrels to producers in April, who then offered 19.3 million barrels to refiners, exceeding their allocation by 114.9%.

In May, producers were allocated 18.8 million barrels but only supplied 14.2 million, representing a compliance rate of 75.8%. In June, the commission allocated 18.1 million barrels and producers offered 26.8 million barrels to refiners, with 18.6 million barrels accepted.

The Dangote Refinery required 63 million barrels in Q2 but received 68.1 million barrels from producers, representing a 98% offer rate. However, the refinery only accepted 78% of what was offered.