NIGERIA’s excess oil revenue has risen to N11.1 billion ($36.6 million) daily as the price of crude oil hits $60.44 per barrel in the international market.
The nation’s N7.4 trillion 2017 budget was based on $44.50 per barrel reference price and oil production of 2.3 million barrels per day.
But the price hit the roofs at $60.44 per barrel, yesterday, as a result of increased compliance to the Organisation of Petroleum Exporting Countries, OPEC, oil cut, thus enabling the nation to generate $36.6 million from the export of 2.3 million bpd to the global market. This amounts to N11.1 billion at the official exchange rate of N305 to the United States dollar.
The survey of the international oil market by Vanguard yesterday showed that the price of Brent stood at $60.44 per barrel. The price of WTI stood at $53.90 per barrel, while the price of OPEC basket of 14 crudes, including Nigeria’s Bonny Light, stood at $56.45 per barrel.
From all indications, the nation’s excess oil revenue would continue to rise in the coming weeks as OPEC and others remain committed to oil cut deal.
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