Nigeria’s April Crude Oil Shipment Unsold, As Glut Hits Global Oil Market
Nigeria’s crude oil shipment for the month of April, 2023 has been hit by the glut in the global oil market, due to the ongoing strike by workers in French Refineries and Seasonal Workers in Europe.
According to bloomberg report, a half of Nigeria’s crude supply remains unsold.
It says that between March 20 and 25, Nigeria was still looking for buyers as price of the brent crude dropped to $72 per barrel.
This is below Nigeria’s 2023 budget’s crude oil benchmark price of $75 per barrel, thereby posing a fresh threat to the economy.
Also, Nigeria is still battling to meet the 2023 budget’s projected crude oil projection of the production of 1.69 million barrel daily, despite the steady rise in the production level since last December, 2022.
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The daily production level which had been negatively impacted by oil thieves in the Niger Delta region surged to 1.27 million barrel in December 2022, following the clampdown on the oil thieves.
The production level rose to 1.3 million barrels in Febuary 2023 and 1.38 million in March 2023.