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Nigeria Targets Ambitious 2mn bpd Production Target Near Term

OIL

Nigeria can produce up to 2mn bpd of crude without any further investment in its oil sector according to its energy minister Heineken Lokpobiri in an interview with Bloomberg tv this week.

  • In the short term, Nigeria is targeting a production level of 1.6mn bpd.
  • He blames long standing issues with vandalism and theft for Nigeria being unable to meet its own quota by OPEC.
  • Lokpobiri resisted naming a price that Nigeria was targeting for its oil that best suits the country instead claiming, “the higher the price, the better for Nigeria.”
  • By the end of this year, Nigeria’s ambition is to produce over 2mn bpd according to Lokpobiri.
  • Between January-August 2023, Nigeria’s crude oil production has ranged between 1 mn and 1.3 mn bpd. Its production was at 1.269mn bpd in August according to OPEC while a Reuters survey said production rose by 110,000 bpd m/m in September without offering an outright figure.

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