Oil revenue experiences a decline of N289.6 billion due to a decrease in output.


In November 2023, Nigeria suffered a loss of approximately N289.6 billion in crude oil revenue due to a significant decline in oil output compared to the preceding month of October. Analysis of the latest crude oil production figures from the Nigerian Upstream Petroleum Regulatory Commission revealed a drop from 41,867,775 million barrels in October to 37,508,971 barrels in November, reflecting a decrease of 4,358,804 million barrels.

The average price of Brent crude in November was $82.94 per barrel, resulting in a lost value of about $361.52 million for Nigeria.

With an average exchange rate of N801/$ in November, Nigeria’s oil revenue experienced a crash of about N289.6 billion. Further examination of the NUPRC report highlighted varying crude oil outputs in the months leading up to November 2023, despite the overall decline in oil production.

Despite this reduction, the Federal Government expressed confidence in meeting and surpassing the 2024 crude oil budget benchmark of 1.7 million barrels per day (mbpd).

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, emphasized Nigeria’s commitment to achieving its oil production benchmark and stated the country’s capacity to increase production to two million barrels per day.

He highlighted the interconnectedness of the upstream, midstream, and downstream sectors, emphasizing sustained engagement with stakeholders to meet both budgetary and local demand.

Lokpobiri also reaffirmed Nigeria’s commitment to OPEC despite the recent exit of Angola from the organization due to disputes over crude oil production quotas. He expressed readiness to contribute constructively to ongoing dialogues within OPEC, addressing concerns within the nation and the broader continent.

As the Minister of State for Petroleum Resources, Lokpobiri pledged to foster collaboration within OPEC, recognizing the collective responsibility to ensure a resilient energy landscape for all member nations and the global community.





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