Naira To Earn ₦66bn Daily As Crude Oil Price Hits $93.

Oil petrol

The price of crude oil in Nigeria has drastically increased in the last seven years.

Because of this development, the country i s anticipated to make sixty-six billion from crude oil per day from now henceforth.

Taculia 9Ja understands that last Friday the price of Brent appreciated by $2.16 or 2.37 per cent to $93.27 per barrel.

Read also: Zenith Bank & GT Bank Leads Market Capitalization In Nigeria.

This happened due to the Russia-Ukraine conflict and a strong cold in Texas, which halted some US oil output.

For Nigeria, such sales of crude oil was last recorded in 2014 and that has been the benchmark.

Experts have however noted that should Nigeria meet its Organisation of Petroleum Exporting Countries (OPEC) quota of 1,718,000 barrels per day (BPD), the current price of oil will earn Nigeria $159.7m (N65.8bn, going by the current exchange rate) every day.

Among all the African oil-producing countries; Nigeria’s quota is the highest, while Angola comes close with a 1,435,000-BPD production quota.

Naija News understands that Globally, Saudi Arabia and Russia top the list with a 10.331 million BPD quota.

An agreement was reached during the last OPEC+ meeting that 10 OPEC nations are expected to produce 25.06i million bpd, the non-OPEC countries have approval 16.233 million bpd.

The production quota will take effect from March 2022, according to the statement dated February 2, 2022.

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