OPEC said the dollar index rose for the second consecutive month in June, increasing marginally by 0.3 per cent m-o-m.
The voluntary cut planned for July will now also cover September, the Ministry of Energy said, adding that further extensions were possible.
NUPRC says the country’s oil and condensate reserves, as of January 1, stand at 36.966 billion barrels.
Brent crude futures rose 52 cents, or 0.6 per cent, to $89.84 a barrel by 1027 GMT.
The OPEC report said Nigeria’s crude oil production for the month of August averaged 1.100 million barrels per day.
This is compared with 106.41 dollars per barrel recorded on Tuesday, according to OPEC Secretariat calculations as released on Thursday.
OPEC said the figure showed an increase of 5,000 barrels per day when compared to the 1.233 million bpd produced averagely in the month of May 2022.
A Reuters survey showed that Nigeria’s production output averaged 1.42mbpd in May.
The document, which was obtained in Lagos, showed that the country’s crude oil production averaged 1.42mbpd in May.
