• Advertise
  • Submit a Story
  • iReport
  • Contact
Wednesday, April 21, 2021
No Result
View All Result
Niger Delta Connect
  • Home
  • News
    • Niger Delta News
      • Abia State News
      • Akwa Ibom State News
      • Bayelsa State News
      • Cross Rivers State News
      • Delta State News
      • Edo State News
      • Imo State News
      • Ondo State News
      • Rivers State News
    • Nigerian News
    • World News
    • Metro
  • Politics
  • Business
  • Opinions
    • Editorial
    • Columnists
    • Interviews
    • Special Features
  • Sports
    • Football
  • More Topics
    • Entertainment
    • Law
    • Security
    • Health
    • Science & Technology
    • Lifestyle
    • Fashion
    • Food & Fitness
    • Travel
    • Tori for Town
    • Shenkes
  • COVID-19
  • #EndSARS
  • Home
  • News
    • Niger Delta News
      • Abia State News
      • Akwa Ibom State News
      • Bayelsa State News
      • Cross Rivers State News
      • Delta State News
      • Edo State News
      • Imo State News
      • Ondo State News
      • Rivers State News
    • Nigerian News
    • World News
    • Metro
  • Politics
  • Business
  • Opinions
    • Editorial
    • Columnists
    • Interviews
    • Special Features
  • Sports
    • Football
  • More Topics
    • Entertainment
    • Law
    • Security
    • Health
    • Science & Technology
    • Lifestyle
    • Fashion
    • Food & Fitness
    • Travel
    • Tori for Town
    • Shenkes
  • COVID-19
  • #EndSARS
No Result
View All Result
No Result
View All Result
Home Oil & Gas

Nigeria’s oil revenue exceeds budget estimate benchmark

by Japhet Osadebe
2 weeks ago
in Oil & Gas
Share on WhatsappShare on FacebookShare on TwitterShare on Telegram
Adverts Price list

The Brent Crude, against which Nigeria’s crude oil is priced, has been trading more than $20 higher than the Federal Government’s benchmark for this year’s budget in recent months.

Brent crude, which closed at $51.22 per barrel in December, reached the $60 per barrel mark in February and rose further to as high as $70 per barrel before paring some of its gains. It closed at $64.86 per barrel on Thursday.

This positive development has pushed Nigeria’s oil revenue above the estimate in the 2021 budget, which was based on an oil price benchmark of $40 per barrel and a production level of 1.86 million barrels per day.

Using an average price of $60 per barrel and a production level of 1.42 million barrels per day, the country’s total oil revenue stood at $2.39billion in February, compared to budgeted revenue of $2.08billion.

Nigeria relies on crude oil for about 50% of government revenues and over 90% of export earnings, therefore rising oil price means increased revenue. On the other hand, rising oil price also translates to increased cost of petroleum products as the country depends heavily on imports due to a lack of domestic refining.

The Organisation of the Petroleum Exporting Countries (OPEC), in its monthly oil market report for March, said the country’s oil production rose by 63,000 barrels to 1.42 million bpd in February, based on direct communication.

OPEC had in February said the rise in global oil prices could brighten Nigeria’s outlook this year.

Tags: Nigeria Budget OfficeNnpcOPEC
SendShareTweetShare

Leave a Reply Cancel reply

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

I agree to the Terms & Conditions and Privacy Policy.

Latest Stories

Buddhist monk beheads himself with hope to be reincarnated as higher spiritual being
5 hours ago
Couple kissing on a bridge metal railing fall off to death
5 hours ago
How to Treat a Woman Right: 5 Ways to Make Her Want to Stay
5 hours ago
Reigning Mrs World resigns, runner up takes over
5 hours ago
Tiny, Complex DNA Robots Designed in Minutes Instead of Days
8 hours ago
NYSC, Ned Nwoko Foundation Join Forces on Malaria Control
8 hours ago
IGP Baba orders Immediate withdrawal of police officers from EFCC
10 hours ago
Re-Emergence of fuel queues across the country will disappear very soon – NNPC
10 hours ago




Recommended

Odd but true lessons of life

Odd but true lessons of life

2 months ago
International Day For The Elimination Of Violence Against Women

International Day For The Elimination Of Violence Against Women

5 months ago
Nigerians die mysteriously in India

Nigerians die mysteriously in India

2 months ago
Juventus director speaks after losing to battling relegation team

Juventus director speaks after losing to battling relegation team

1 month ago

Follow Us

  • 23.2k Fans

Most Popular

Diri hasn’t abandoned grassroots sports- Gwegwe

Diri hasn’t abandoned grassroots sports- Gwegwe

2 hours ago
No regrets signing Cristiano Ronaldo — Juventus President, Andrea Agnelli

No regrets signing Cristiano Ronaldo — Juventus President, Andrea Agnelli

2 hours ago
Delta Information Commissioner (middle) and some of his colleagues after the exco meeting

C of O: Delta Govt to revoke land not put to proper use

2 hours ago




  • Home
  • About Us
  • Advertise
  • Submit a Story
  • Privacy Policy
  • Terms and conditions
  • Contact
Menu
  • Home
  • About Us
  • Advertise
  • Submit a Story
  • Privacy Policy
  • Terms and conditions
  • Contact
iReport

Follow Us

Facebook-f
Twitter
Youtube
Instagram

© 2020 All rights Reserved. NIGER DELTA CONNECT

No Result
View All Result
  • Home
  • News
    • Law
  • Niger Delta News
    • Abia State News
    • Akwa Ibom State News
    • Bayelsa State News
    • Cross Rivers State News
    • Delta State News
    • Edo State News
    • Imo State News
    • Ondo State News
    • Rivers State News
  • Politics
  • World News
  • Opinions
    • Editorial
    • Special Features
  • Business
  • Entertainment
    • Movie
    • Music
    • Comedy
  • Science & Technology
  • Sports
  • Lifestyle
    • Health
  • COVID-19
  • Special Features
  • Diaspora
  • Tori for Town
  • Shenkes
  • #EndSARS
  • Tori for Town
  • Submit a Story
  • Pictorial Journal
  • Advertise

© NigerDeltaConnect2020

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.