Connect with us

    Hi, what are you looking for?

    Politics

    Nigeria Earns N50tn from Crude Oil in 2024 – Ravenewsonline

    Nigeria’s crude oil revenue rose to about N50.88 trillion in 2024, according to new data obtained from the Nigerian Upstream Petroleum Regulatory Commission.

    The data showed that Nigeria produced a total of 408,680,457 barrels of crude oil in 2024.

    With condensate included, total oil production for 2024 was 566.79 million barrels, NUPRC data added.

    According to Statista Research Department, a global statistical firm, in it’s January 9, 2025 report, the average price of crude in 2024 was $80.53 per barrel.

    If the total crude oil produced in Nigeria in 2024, which is 408,680,457 million barrels, is added to the average price of the product, this amounts to N50.88 trillion or $32.91 billion, at the rate of N1,546 to a dollar.

    Recall that Nigeria had planned to produce 649.7 million barrels of oil through an average daily output of 1.78 million barrels in its 2024 budget which could result in a $50.68 billion with oil prices at $78 and the exchange rate at N750 to a dollar benchmark for 2024.

    The data showed that the lowest average daily crude production in Nigeria was 1.23 mbpd, while the highest was in November, when it rose to 1.48 mbpd.

    Nigeria ended the year with crude production in December at 1.484 mbpd, excluding condensate, which stood at an average of 182,975 bpd.

    “The average crude oil production was 98.97 percent of the OPEC quota (1.5 mbpd),” NUPRC stated in its latest crude production data.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Tech

    Lagos State has declared its readiness to lead Africa’s digital transformation, as it welcomed participants to the GITEX NIGERIA Tech Expo and Startup Festival,...

    Opinion

    By Linda Saunders, Country Manager & Senior Director Solution Engineering, Africa, Salesforce In a time of rising global economic uncertainty, African businesses are increasingly...

    Tech

    In a powerful display of public-private synergy, Lagos State Governor Babajide Sanwo-Olu and Deputy Governor Dr. Obafemi Hamzat visited the MTN Data Centre booth...

    Broadcasting

    Gauteng High Court, Johannesburg, has awarded damages of more than R2.6 million to the girlfriend of a Nigerian citizen who was suffocated to d3ath...