Nigeria’s oil production hits 2.2 million bpd aimed in 2017 budget
(Ecofin Agency) - Nigerian Minister of Finance, Kemi Adeosun (photo), on Thursday announced that the country has achieved the oil production level aimed in the 2017 budget, knowingly 2.2 million barrels per day. “We now do 2.2 million bpd production,” the official said.
According to her, this was achieved due to the reduction in attacks on oil facilities in the Niger Delta oil-hub which caused the country’s production to slump as low as 900,000 bpd early 2016.
Let’s recall that Nigeria’s President, Muhammadu Buhari, based the 2017 budget presented to the National Assembly on December 14, 2016, on a benchmark crude oil price of $42.5 per barrel, an oil production estimate of 2.2 million barrels per day, and an average exchange rate of N305 to one US dollar.