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Nigeria currently running short fall of 278,000 bpd from the 2.3mbpd budget benchmark

Even though the recent sharp hike in crude oil prices due to provocations on Iran and developments surrounding US oil industry means rising earnings for Nigeria, the production benchmark as captured by the 2018 budget is yet to be met.

Currently, there is a short fall of 278,000 bpd from the 2.3mbpd budget benchmark proposed in the 2018 budget as the recent slight rise to 2.022mbpd recorded in March cannot meet the mark after all.

However, Nigeria’s crude oil production including condensate reached 2.069 million barrels per day (mbpd) in April 2018, according to data from the Federal Ministry of Petroleum Resources.

Latest monthly oil and gas report released recently, put the country’s gas production at 7.98 billion standard cubic feet (bscf) during the month under review.

The report also noted that Nigeria imported 51.56 million litres premium motor spirit (PMS); 1.55 million litres automotive gas oil (AGO); 1.58 million litres dual purpose kerosene (DPK); 1.46 million litres aviation turbine kerosene (ATK); and 1.02 million litres low pour fuel oil (LPFO).

In his remarks on the report and Federal Government’s plans to boost crude oil production, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru stressed that with the bringing down of the cost of producing a barrel of crude oil to $20, there are chances to hitting $15 per barrel sooner than later.