Nigeria to make N66bn daily as crude oil price hits $93

If Nigeria can overcome its production issues, it might earn N66 billion per day from oil, the highest it has in the last seven years.

The prospect of more money from crude oil sales rose on Friday after the price of Brent appreciated by $2.16 or 2.37 per cent to $93.27 per barrel.

This occurred in the midst of the Russia-Ukraine conflict and a strong cold in Texas, which halted some US oil output.

Oil closing price on Friday was the highest level brent crude the oil benchmark for Nigeria’s oil has been sold since 2014.

Read also: Nigeria’s external reserves grow by $1.96bn in 19 days, on improved crude oil price

Should Nigeria meet its Organisation of Petroleum Exporting Countries (OPEC) quota of 1,718,000 barrels per day (bpd), the current price of oil will earn Nigeria $159.7m (N65.8bn, going by current exchange rate) everyday.

Nigeria’s quota is the highest among Africa’s oil producing countries; the closest is Angola with a 1,435,000-bpd production quota.

Globally, Saudi Arabia and Russia top the list with 10.331 million bpd quota.

During the last OPEC+ meeting, it was agreed that 10 OPEC nations are expected to produce 25.06i million bpd, the non-OPEC countries have approval 16.233 million bpd.

The production quota takes effect from March 2022, according to the statement dated February 2, 2022.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now