Nigeria’s oil production falls below budget benchmark

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Nigeria’s crude oil production stood at 2.022 million bpd in March, 277,000 bpd below the 2.3 million bpd benchmark for budget 2018, indicating, the country is still struggling to step up production to meet the budget benchmark, Vanguard reports.

Data obtained from the Ministry of Petroleum Resources, showed that the production figure for March includes condensate which the Organisation of Petroleum Exporting Countries (OPEC) does not usually recognise as part of its members output. At the current price of $72 per barrel in the international market, the 277,000 amounted to about $19.9 million.

But a source in the ministry who preferred not to be named because he was not permitted to speak described the development as “impressive, a development which justifies the efforts of the government to achieve sustainable peace and stability in the region.” He added: “The government stands to generate more funds from the production and export of crude oil as OPEC has predicted that the market would continue to stabilise in the coming months.”

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