When oil output plummets, Nigeria loses roughly ?289.6 billion in revenue from crude oil

Comparing October production data with current levels shows a 4,358,804 million barrel decrease in oil production output.Compared to oil production data from October, Nigeria's oil output fell precipitously in November 2023, costing the country around ?289.6 billion in lost crude oil revenue.The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) released oil production statistics for October 2023, showing that 41,867,775 million barrels of petroleum (excluding condensates) were produced.When compared to production numbers in October, the oil production output fell by 4,358,804 million barrels, resulting in a 10% decline to 37,508,971 barrels in November. An international statistical company called Country Economy states that the average price of Brent, the world's benchmark for crude oil, was $82.94 per barrel as of November 2023.In November, Nigeria lost 4,358,804 barrels of crude, which resulted in a loss of roughly $361.52 million for the month.