No Respite for Nigeria As Oil Production Falls to 1.083 Million BPD in July THISDAYLIVE: Nigeria oilproduction economy
The expectation that Nigeria's current dollar crunch could subside soon has again been dashed as the country's crude oil production remained below expectation, slumping to 1.083 million barrels per day in July.
This means that Nigeria could not produce as much as 717,000 bpd or 22.22 million barrels during July. When valued at a conservative price of $110 per barrel, the 22.22 million barrels were about $2.444 billion for the month. For months, the Nigerian National Petroleum Company Limited has not been able to remit a kobo to the federation account.
If there's no improvement by September, the production deficit is likely to get worse, since OPEC and its allies agreed to an increase in oil production this month, following calls by the United States and other major consumers for more supply. In the 2022 budget, the federal government pegged the crude oil benchmark at $73 bpd with the projected oil production put at 1.88 million bpd
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