Oil Revenue Reduces By N500bn In January

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A total of 37.2 million barrels were shipped in January, down below the 49.6 million predicted if it had exported 1.6 million barrels per day. Nigeria’s Bonny Light oil grade sold for $89 per barrel in January, a dollar more than Brent International, which went for $88.

2 million barrels were shipped in January compared to the N2tn in revenue that would have been expected if OPEC output had been met.

According to the report, OPEC produced 28.87 million barrels per day, which is 50,000 bpd less than in December. OPEC output reached its highest level since 2020 in September.

The OPEC output target was to be reduced by 2 million barrels per day (bpd) in November, of which 1.27 million bpd was to come from the 10 participating OPEC nations. It was claimed that both Nigeria and Angola lacked the capacity to pump at agreed levels.

Punch

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