For the first time in 2019, the price of crude oil has surged from $64.00 recorded last week to $66.35 over the weekend as a result of Organisation of Petroleum Exporting Countries, OPEC efforts targeted at eliminating excess oil from the volatile market, thus leading to an increase in the nation’s excess oil revenue.
The nation’s N8.83 trillion budget was benchmarked at $60.00 per barrel and 2.3 million barrels daily output, including condensate.
But the prices of Bonny Light, Nigeria’s premium oil grade, Brent, WTI and OPEC Basket stood at $66.35, $ 66.25, $ 55.59 and $64.28 per barrel respectively, yesterday.
Consequently, the nation recorded excess revenue of $6.35 per barrel, the highest in recent times.
But all may still not be well with the budget as the Ministry of Petroleum Resources report obtained by Vanguard showed that the nation has not yet been able to produce 2.3 million barrels daily.
The report disclosed that the nation’s output dropped from 2,081,936 barrels per day, bpd recorded in December 2018 to 1,999, 292 bpd in January 2019.