Nigeria’s earnings from crude oil plunged by about N75.9bn in February and March this year despite the increase in global oil prices for the third consecutive month in March 2022.
The latest data from the April 2022 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries showed that while oil prices had been on the increase since January this year, Nigeria’s production had been on the decrease.
In its oil market highlights on crude oil price movements, the organisation said, “Crude oil spot prices rose for the third-consecutive month in March. The North Sea Dated benchmark gained more than $20/barrel on a monthly average and WTI gained almost $17/barrel, on the back of escalating geopolitical tensions in Eastern Europe and concerns this might result in large oil supply shortages, amid trade dislocations.
“The OPEC Reference Basket price increased $19.53, or 20.8 per cent, to settle at $113.48/barrel. Oil futures prices witnessed elevated volatility due to the uncertain short-term oil supply and demand outlook.
The ICE Brent front-month rose $18.36, or 19.5 per cent, to average $112.46/barrel and NYMEX WTI gained $16.63, or 18.1 per cent, to average $108.26/barrel.”
