Emmanuel OchayiIn a disclosure by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria experienced a significant setback in crude oil production, leading to a loss of about N289.6 billion in revenue for November 2023.
This loss followed a decline in oil output compared to the previous month, plummeting from 41,867,775 barrels in October to 37,508,971 barrels in November.
“The plunge in oil production has led to a substantial revenue loss of about $361.52 million,” stated a spokesperson from exchangerates.org, emphasizing the impact of the decline in output, compounded by the average Brent crude price of $82.94 per barrel in November.
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Despite this setback, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, remains resolute about Nigeria’s ability to surpass the 2024 crude oil budget benchmark of 1.7 million barrels per day.
He affirmed this commitment, stating, “The success of the upstream sector will determine the success of the midstream and the downstream sectors.”
Addressing concerns about Nigeria’s membership in the Organisation of the Petroleum Exporting Countries (OPEC), Lokpobiri reaffirmed the country’s allegiance to the organization. This comes on the heels of Angola’s recent departure from OPEC due to disagreements over crude oil production quotas.
“Nigeria remains unwavering in its commitment to OPEC amidst the dynamic global energy landscape,” Lokpobiri emphasized. “Our collaboration within the organization remains crucial for market stability and sustainability.”
Highlighting the broader regional and global implications, the minister stressed the need to address challenges and opportunities that impact not only Nigeria but the entire continent.
“We stand ready to contribute constructively to ongoing dialogues, ensuring that the unique challenges and opportunities of our region are duly recognized and addressed,” he stated on his official platform.
Lokpobiri concluded by reiterating his commitment to fostering a collaborative spirit within OPEC, emphasizing the collective responsibility to nurture a resilient energy landscape for the benefit of member nations and the global community.
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