Kyari: Nigeria’s Crude Oil Production Hits 1.8m Barrels Daily Dec
By Alabidun Shuaib Abdulrahman
Nigeria’s crude oil and condensate output is expected to reach 1.8 million barrels per day (mbpd) by the end of December, according to Mele Kyari, the Group Managing Director of Nigerian National Petroleum Company (NNPC) Limited.
When condensate — a light kind of oil — is included in the total, said Kyari, who was speaking during a Bloomberg interview on the sidelines of a conference, assuring it would easily surpass 2 million barrels.
Recall that the Organisation of Petroleum Exporting Countries and its Allies (OPEC+) approved a 0.4 percent increase in members’ production quotas earlier this month, with Nigeria’s quota rising to 1.666 million barrels per day for December, up from 1.649 million barrels per day agreed for November.
Nigeria’s Federal Executive Council (FEC) set a $57 per barrel oil benchmark, 1.88 billion barrels per day oil production, and an N410 exchange rate for the 2022 budget in October.
On Monday, the global oil price was hovering around $82 per barrel.
Kyari said that crude’s likely to stay above $80 a barrel for “a while to come” and $100 is “within sight”.