Nigeria's NNPC Revenue Drops in May Despite Higher Oil Output

NNPC Limited booked lower revenues in May compared to April despite the higher crude oil and condensate production, the latest monthly figures by the Nigeria's state oil and gas firm showed.

NNPC's revenues fell to $3.15 billion (4.335 trillion Nigerian naira) in May, from $3.62 billion (4.97 trillion naira) in April, as oil prices eased from the Iran war-time highs seen in April.

Profit after tax also fell in May from the previous month, despite the fact that crude and condensate production inched up to 1.73 million barrels per day (bpd), up from…