2024 budget threatened as OPEC+ cuts Nigeria’s crude oil output
The 2024 budget estimates recently submitted by President Bola Ahmed Tinubu to the National Assembly for consideration by the Senate and House of Representatives may have run into troubled waters after OPEC+, on Thursday handed Nigeria a 2024 oil output target lower than Africa’s largest oil producer had hoped for.
While Nigeria had projected a 1.78 million barrels per day crude output, OPEC+ at its 36th OPEC and non-OPEC Ministerial Meeting, ONOMM held via videoconference, Thursday, lowered Nigeria’s 2024 oil output to 1.5 million barrels per day (bpd).
This is contrary to the projection of President Tinubu who had at the budget presentation ceremony based the budget on 1.78mbpd oil production.
The cut by OPEC+ is already generating reactions as Angola on Thursday disclosed that it was unhappy with its 2024 output target and does not plan to stick to it, Bloomberg reported.
President Tinubu and Heineken Lokpobiri, Nigeria’s minister of state for petroleum resources (oil) are yet to react to this development.
2024 budget threatened as OPEC+ cuts Nigeria’s crude oil output
The 2024 budget estimates recently submitted by President Bola Ahmed Tinubu to the National Assembly for consideration by the Senate and House of Representatives may have run into troubled waters after OPEC+, on Thursday handed Nigeria a 2024 oil output target lower than Africa’s largest oil producer had hoped for.
While Nigeria had projected a 1.78 million barrels per day crude output, OPEC+ at its 36th OPEC and non-OPEC Ministerial Meeting, ONOMM held via videoconference, Thursday, lowered Nigeria’s 2024 oil output to 1.5 million barrels per day (bpd).
This is contrary to the projection of President Tinubu who had at the budget presentation ceremony based the budget on 1.78mbpd oil production.
The cut by OPEC+ is already generating reactions as Angola on Thursday disclosed that it was unhappy with its 2024 output target and does not plan to stick to it, Bloomberg reported.
President Tinubu and Heineken Lokpobiri, Nigeria’s minister of state for petroleum resources (oil) are yet to react to this development.
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