Nigeria: Excess Revenue Rises to $6.35 Per Barrel As Oil Price Hits $66.35

18 February 2019

For the first time in 2019, the price of crude oil has surged from $64.00 recorded last week to $66.35 over the weekend as a result of Organisation of Petroleum Exporting Countries, OPEC efforts targeted at eliminating excess oil from the volatile market, thus leading to an increase in the nation's excess oil revenue.

The nation's N8.83 trillion budget was benchmarked at $60.00 per barrel and 2.3 million barrels daily output, including condensate.

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