July 25, 2024
$77.96 Crude Oil Production Price Benchmark For 2024 Budget Realistic Says NNPCL
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$77.96 Crude Oil Production Price Benchmark For 2024 Budget Realistic Says NNPCL

The Nigerian National Petroleum Company Limited says the projections on crude oil production, and price benchmark of $77.96 for the 2024 budget, are realistic and realisable.

NNPCL Group Chief Executive Officer, Mele Kyari, gave the assurance during an interactive session with the Senate Committee on Finance at the National Assembly, Abuja yesterday.

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In a statement signed by the Chief Corporate Communications Officer of the NNPCL, Mr Olufemi O. Soneye, Kyari said it was unlikely for market prices to drop to 70 dollars per barrel in the market, adding however, that prices could oscillate.

The NNPCL boss also spoke on crude oil production projection saying the number the company is working with is 1.785mbpd, which he says is inclusive of all production including crude oil and condensate, and not the media reported OPEC quota of 1.5 million barrels per day.

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