Nigeria’s oil production dropped month-on-month, MoM, by 2 percent to 1.517 million barrels per day in March 2023, from 1.547 million bpd recorded in the preceding month of February 2023.
The nation’s output had risen by 3.5 percent in February 2023 to 1.54 million bpd, from 1.494 million barrels per day recorded in January, due to an improved battle against oil theft and other factors.
The latest figures indicate that Nigeria is not meeting its 1.69 million barrel per day target for the 2023 budget which was also benchmarked at $75 per barrel.
However, this setback on the 2023 budget, due to the low output might be reduced as the nation’s Bonny Light hit $85.03 per barrel on Sunday, from $84 per barrel recorded the previous day, indicating $10.03 per barrel in excess of the $75 per barrel budget reference price.
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