Nigeria's NNPC Revenue Falls in May Despite Higher Oil Output
Nigeria's state oil firm NNPC reported a drop in May revenue to $3.15 billion from $3.62 billion in April, despite higher crude output, as oil prices eased from war-time highs.
Nigeria's state-owned oil company NNPC Limited reported lower revenues in May compared to April, even as crude and condensate production edged higher. The latest monthly figures show NNPC's revenues fell to $3.15 billion (4.335 trillion Nigerian naira) from $3.62 billion (4.97 trillion naira) in April, as oil prices eased from the Iran war-time highs seen earlier this year.
Profit after tax also declined month-on-month, despite a slight increase in crude and condensate output to 1.73 million barrels per day (bpd) from 1.68 million bpd in April. The revenue drop highlights the sensitivity of Nigeria's oil-dependent economy to global price fluctuations, even as production recovers. For energy traders, the NNPC figures underscore the persistent challenge for OPEC+ members: higher volumes do not always compensate for lower prices, especially when geopolitical risk premiums fade. NowPrice's real-time fuel quotes show current Brent crude levels, reflecting the ongoing price adjustment.
Looking ahead, Nigeria's production trajectory remains a key watchpoint. The country has been working to boost output through improved security and investment, but the revenue dip may pressure government finances. Traders will monitor upcoming OPEC+ meetings and Nigeria's compliance with production quotas, as well as global demand signals from major economies. Any further easing of oil prices could widen the revenue gap, while supply disruptions elsewhere might provide a floor.