Group Managing Director, Nigerian National Petroleum Company(NNPC), Mele Kyari has announced that Nigeria’s crude oil will hit 1.8 million barrels per day by December.
Last month, Nigeria’s crude oil production fell to 1.35 mbpd as Nigeria struggles to reopen some oil fields forcefully shut down by COVID-19. As a result of this decline in production, Libya displaced Nigeria as Africa’s Number 1 oil producer.
Earlier this month, the Organisation of Petroleum Exporting Countries and its allies (OPEC+) approved an increase in the production quota of members by 0.4 percent, with Nigeria’s quota being raised to 1.666mbpd for December, up from 1.649mbpd agreed for the month of November but Nigeria has continued to perform below the OPEC quota.
Indusyry experts have expressed that the price of Crude oil is likely to stay above $80 per barrel for a while, and may increase to as high as $100 per barrel as energy demand is expected to continue to increase.
