Nigeria: Fresh Fears Over N54.99trn Budget As OPEC Puts Nigeria's Oil Output At 1.544m Bpd

16 June 2025
Vanguard (Lagos)
By Udeme Akpan

*** Oil price hovers at $73 per barrel

THE Organisation of Petroleum Exporting Countries, OPEC, yesterday, put Nigeria's crude oil output, excluding condensate, at 1.544 million barrels per day (bpd) in May 2025.

This showed a marginal increase of 1.44 per cent from 1.522 million bpd recorded in April 2025.

In its June 2025 Monthly Oil Market Report, MOMR, released yesterday, OPEC said this was based on data based on secondary sources.

Also, many crude prices, including Nigeria's Bonny Light, yesterday hovered at $73 per barrel, indicating $2 per barrel below the nation's $75 per barrel budget 2025 reference price.

The nation's N54.99 trillion 2025 budget is based on $75 per barrel, 2.06 million bpd output and exchange rate N1,500/$.

Read the original article on Vanguard.

Tagged:
Copyright © 2025 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 90 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.