BRENT, the crude against which Nigeria’s oil is priced, crossed the $105/barrel price on Tuesday.
This rose to the highest price ever recorded about 14 years following the ongoing war in Ukraine after it was invaded by neighbouring Russia.
In order to gain from the rising price of crude, NNPC on Tuesday vowed to increase Nigeria’s oil production,
as the country had not been meeting its OPEC crude oil production quota lately.
OPEC raised Nigeria’s oil production target for March 2022 to 1.718 million barrels per day,
indicating a marginal increase from the 1.701 million barrels per day target that was approved for Nigeria in February.