How much is a barrel of oil in Nigeria?

Crude Oil Price (US$/Barrel), Production (mbd) and Export (mbd)

Month January February
Crude Oil Price (Bonny Light) 54.87 62.48
Domestic Production 1.59 1.62
Crude Oil Export 1.14 1.17

How much does it cost to produce a barrel of oil?

Crude Oil Cost The cost to produce a barrel varies from about $20 per barrel in Saudi Arabia’s desserts to $90 per barrel for some deep-water wells. In the example below, the crude cost is $1.39 per gallon ($58.26 per barrel).

Do Nigerians get a lot of money from the oil they produce?

Crude oil still remains a major source of revenue for Nigeria despite a tumultuous 2020 for oil prices. The commodity contributes 90% of our export earnings and will still be a major revenue generator for the foreseeable future.

How much is the current oil price?

Average Crude Oil Spot Price is at a current level of 110.10, up from 103.41 last month and up from 66.40 one year ago. This is a change of 6.46% from last month and 65.81% from one year ago.

Which country produces the cheapest oil?

Very few energy companies can produce oil when the price of oil is this low. Saudi Arabia, Iran, and Iraq had the lowest production costs in 2016, while the United Kingdom, Brazil, Nigeria, Venezuela, and Canada had the highest.

What is the highest a barrel of oil has cost?

In 1980, globally averaged prices “spiked” to US$107.27, and reached its all-time peak of US$147 in July 2008.

Who buys Nigerian crude oil?

India led the pack of buyers of Nigeria’s crude in Q3 2021 spending N703. 26 billion followed by Spain N544. 59bn. Italy, France paid N442.

How much does it cost UAE to produce a barrel of oil?

According to projections for 2022, the fiscal breakeven oil price for the United Arab Emirates was 60.4 U.S. dollars per barrel. The projections for UAE’s external breakeven oil price for the same time period was at 29.7 U.S. dollars per barrel.

What is highest price of oil in history?

Historically, Crude oil reached an all time high of 147.27 in July of 2008. Crude oil – data, forecasts, historical chart – was last updated on June of 2022.

How much crude oil does Nigeria refine per day?

Nigeria’s total petroleum refining capacity is 445,000 barrels (70,700 m3) per day, however, only 240,000 barrels (38,000 m3) per day was allotted during the 1990s. Subsequently, crude oil production for refineries was reduced further to as little as 75,000 barrels (11,900 m3) per day during the regime of Sanni Abacha.

What is the average price of a barrel of crude oil?

The average price of WTI crude oil was $57 per barrel in 2019 compared to $64 in 2018. On 20 April 2020, WTI Crude futures contracts dropped below $0 for the first time in history, and the following day Brent Crude fell below $20 per barrel.

Who is the second largest oil producer in Nigeria?

Chevron Nigeria Limited (CNL): A joint venture between NNPC (60%) and Chevron (40%) has in the past been the second largest producer (approximately 400,000 barrels per day (64,000 cubic metres per day)), with fields located in the Warri region west of the Niger river and offshore in shallow water.

What are the different types of crude oil in Nigeria?

Names of other Nigerian crudes, all of which are named according to export terminal, are Qua Ibo, Escravos blend, Brass River, Forcados, and Pennington Anfan. As recently as 2010, Nigeria provided about 10% of overall U.S. oil imports and ranked as the fifth-largest source for oil imports in the U.S.

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