By Moses Patience Chat
Nigeria’s revenue from crude oil export increased by N337bn in the month of March, hitting N1.8 trillion.
According to shipping data from Rifinitiv Eikon, the increase came as the country attained its crude oil production target of 1.6 million barrels per day in March, from 1.3 million barrels per day recorded in February.
Output for January was 1.25mbp, while that of February was 1.3mbp.
While Brent’s international price was $77per barrel, Nigeria’s Bonny Light was sold for $78 in March. This means the country raked in extra N337bn for the month, and total revenue from crude oil production was about N1.8 trillion..
A leap in production by 300, 000b/d in March means the country’s production has shot up by 9.3 million barrels in the period under review. Total production for the month was 49, 600, 000 barrels.
The Increase in Nigeria’s production output has also contributed significantly to the 28.90 mbpd of oil produced by the Organization of Petroleum Exporting Countries (OPEC) for the month of March.
