The price of Brent jumped on Wednesday, reaching nearly $93/barrel after circling around $87/barrel the previous week. This was due to recent industry data showing an increase in Nigeria’s oil revenues of N273.8bn in September.
According to The Punch, while Brent surged to $92.7 per barrel at 11:01 a.m. Nigerian time, Murban crude, and WTI crude both increased to $94.68 per barrel and 89.52/barrel, respectively, according to data on global crude oil prices.
It was also noted that other crude oil grades on the global market experienced comparable increases in their various prices.
Nigeria’s oil revenues grew by N273.8 billion in September 2023, according to data from the Nigerian Upstream Petroleum Regulatory Commission.
However, according to oil marketers, the Federal Government’s convert restoration of subsidy on Premium Motor Spirit, more commonly known as petrol, is eroding the profits from the increase in crude production and its price boost.
Nigeria produced 40,396,863 barrels of crude oil (excluding condensates) in September, which was more than the 36,615,125 barrels that were produced in August, according to the most recent data from the upstream regulator.
