Nigeria’s Crude Oil Production To Hit 1.8m Barrels Daily — Kyari

Nigeria’s crude oil and condensate output will be at 1.8 million barrels per day (mbpd) and is likely to overcome production issues by the end of December, the Group Managing Director, Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, said on Tuesday.

Kyari, who was speaking during an interview on Bloomberg, on the sidelines of a conference, said it would easily hit 2m barrels when condensate — a light form of oil — is included in the total.

He said, “It is very obvious that by the close of the year we would get back to the 1.7-1.8mbpd from crude only. As you may be aware, when we mention these figures, I am talking about crude oil only.”

Economic Confidential reports that the Organisation of Petroleum Exporting Countries and its allies (OPEC+) earlier this month approved a raise in the production quota of members by 0.4 percent, with Nigeria’s quota rising to 1.666mbpd for December rising from 1.649mbpd agreed for it for November.

Nigeria’s Federal Executive Council (FEC) in October approved a $57 per barrel oil benchmark and pegged oil production at 1.88 billion barrels per day and an exchange rate of N410 for the 2022 budget. Global oil price hovered around $82 per barrel on Monday.

Kyari said that crude’s likely to stay above $80 a barrel for “a while to come” and $100 is “within sight”.