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

Nigeria has witnessed the highest increase in the price of crude oil, a percentage said to be the highest of its kind in the last seven years.

Due to the development, there is a prospect the country could make sixty-six billion from crude oil per day henceforth.

The price of Brent appreciated by $2.16 or 2.37 per cent to $93.27 per barrel last Friday.

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

For Nigeria, crude oil sales of such was last recorded in 2014 and that has been the benchmark.

Stakeholders observed that 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 $159.7 million (N65.8 billion, going by the current exchange rate) every day.

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 a 10.331 million BPD quota.

An agreement was reached during the last OPEC+ meeting 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.