Data from the Federal Government agency, Nigerian Upstream Petroleum Regulatory Commission revealed that Nigeria made N50.88tn in crude revenue last year.
The profit was generated from the sale of 408,680,457 barrels of crude oil.
A different study conducted by Statista Research Department, a global statistics firm, found that the average crude price in the period under review was $80.53 per barrel.
The chairman of Nigeria’s energy company, the Nigerian National Petroleum Company Limited (NNPC), during a meeting with Maritime Stakeholders, disclosed that oil production of 2mbpd was feasible.
At the time, Nigeria’s production capacity was 1.6 million barrels per day, up from 1.27 million barrels.
The price of crude oil fluctuated back and forth last year, going from high to low in a largely unpredictable pattern. After Ukrainian forces attacked Russian facilities in March, oil prices increased, as reported by the Punch.
However, for the first time since December 2021, Brent crude oil futures dropped below $70 per barrel in September.
What NNPC said
The NNPC chairman discussed market dynamics in light of the anticipated budget benchmark price of $77.96 a barrel.
“With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see $70 per barrel oil in the market,” he stated.
“The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by Mr President around the $77.96 is still realizable in 2024,” he added.
Addressing the expected output of crude oil, Kyari said, “The number we have is 1.785mbpd. This is cumulative of all oil produced in the country. This figure is inclusive of all production including crude oil and condensate.”
He also added, “I need to make this clarification because of the reports in the media that our OPEC quota is 1.5mbpd. The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realizable.”
