Oil price in Nigeria today 2022 – Current price

Nigerian oil prices today, 2022! The biggest oil producer in Africa in 2021 was Nigeria. Approximately 78 million metric tons of oil were produced in the nation. The next three countries to produce more than 50 million metric tons apiece were Libya, Algeria, and Angola.

Oil and gas are essential for Nigeria’s economic and social progress. 40% of the nation’s GDP, 70% of government revenue, and 95% of foreign exchange gains come from oil alone. Nigeria depends on oil a lot more than many other major producers do.

Learn about the Nigerian oil prices, 2022, the oil production in Nigeria, what is curse oil in Nigeria, the Oil Price Conversion in Units , and much more in this post.

Oil production in Nigeria

According to the most recent statistics, Nigeria’s oil output in the first five months of 2022 averaged 1.22 million barrels per day or around 65.2% of the 1.88 million barrels per day production goal established in the 2022 Budget.

Additionally, the amount fell significantly short of the 1.772 mb/d oil output cap that OPEC had given Nigeria.

Due to the low output, the nation only made $93.9 million from crude oil exports in the first quarter of 2022, which is a decrease of around 36.9% from the $148.7 million made during the same period in 2021.

This is true even if the price of crude oil is at a two-year high.

Nigerian oil prices today, 2022

Despite supply instability, the price of Nigeria’s premium oil grade, Bonny Light, rose to $116 per barrel, yesterday, from $112 per barrel, recorded last week.

This indicated an excess of $54 per barrel when juxtaposed against the $62 per barrel benchmark price of the 2022 budget, which was also based on the production of 1.8 barrels per day output.

Consequently, some experts and close market watchers said the nation should not expect any threat to the successful implementation of the budget.

Who determines the price of oil today?

The world market determines the price of oil. Oil is handled on a worldwide scale and is easily transported by ship, pipeline, or barge from one market to another. As a result, the global price of crude oil is determined by the supply/demand balance.

Oil (Brent) Price Conversion in Units Today

CONVERSIONOIL (BRENT) PRICEPRICE
1 Barrel ≈ 0,136 Tonnes of Crude OilOil (Brent) Price Per 1 Ton630.07 USD
1 Barrel = 42 GallonsOil (Brent) Price Per 1 Gallon2.04 USD
1 Barrel ≈ 158,98 LitersOil (Brent) Price Per 1 Liter0.54 USD
1 Barrel = 336 PintOil (Brent) Price Per 1 Pint0.26 USD

Poor industrial investment and a high rate of oil theft in the Niger Delta area are both blamed for the nation’s low oil production.

According to the most recent data from the Nigerian National Petroleum Corporation (NNPC) Limited, the country alone lost over $4.01 billion to oil thieves in 2021, and this year alone, vandals have stolen approximately $1.5 billion worth of oil.

ALSO READ:

Nigeria Gasoline prices, liter

Nigeria: The price of octane-95 gasoline is 189.46 Nigerian Naira per liter. For comparison, the average price of gasoline in the world for this period is 548.07 Nigerian Naira

Nigeria Gasoline PricesLitreGallon 
NGN189.460717.184
USD0.4391.662
EUR0.4581.734

Which oil price has ever been the highest?

On July 11, 2008, the greatest recorded price per barrel of $147.02 was attained. Prices increased once more in late September 2008 after dropping below $100 in the late summer. On September 22, oil gained a record $16.37 in a single day, rising from nearly $25 to $130 before falling back to $120.92.

Oil is a naturally occurring resource that has been created over millions of years by the decomposition of organic matter. Like many other naturally occurring resources, oil can only be collected from reserves where it already exists. The only thing that sets oil apart from other natural resources is that it actually drives the world economy.

If you enjoyed reading this article about the current price of oil in Nigeria, please bookmark our site for future updates, and don’t forget to inform your friends about it.

Leave a Reply

Your email address will not be published.