Brent crude, against which Nigeria’s oil is priced, hit $50.14 per barrel at 8:30am, data from Energy Intelligence showed.
The difference between the global benchmark and Nigeria’s budget benchmark has now risen a little above $12 per barrel. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had recently said the nation’s oil output had dropped to 1.4 million barrels per day from 2.2 million bpd.
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