BRENT, a high grade form of crude oil against which Nigeria’s oil is priced, crossed the $105 per barrel price yesterday, as it rose to the highest price ever recorded since about 14 years.
The increment in price followed the ongoing war in Ukraine after it was invaded by neighbouring Russia.
In order to gain from the rising price of crude, the Nigerian National Petroleum Company Limited, NNPC, yesterday said it increase the oil production, as the country had not been meeting its Organisations of Petroleum Exporting Countries, OPEC, crude oil production quota lately.
The Group Managing Director of NNPC, Mele Kyari, was
Speaking at the ongoing Nigeria International Energy Summit 2022 in Abuja
Early last month, OPEC increased nation’s crude oil production target for the month of March despite the fact that the country had been missing its approved monthly output targets.
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 approved for the country in February.
Nigeria missed its crude oil output target for January 2022, pumping 1.46 million barrels per day against a target of 1.683 million bpd as approved by OPEC.
Since the war began in Ukraine, Brent price had kept climbing.
It moved up to $106.27 per barrel yesterday, rising by $8.3 or 8.47 per cent when compared to its cost the previous day.
