Crude Oil Price Hits $93 Per Barrel

Brent, the global benchmark for crude, witnessed a surge in price on Wednesday, trading at about $93/barrel after hovering around $87/barrel last week, as latest industry figures showed that Nigeria’s oil earnings increased by N273.8bn in September

Data on global crude oil prices indicated that while Brent rose to $92.7/barrel at 11.01am Nigerian time, Murban crude and WTI crude also increased to $94.68/barrel and 89.52/barrel respectively.

 It was also observed that other crude oil grades in the international market witnessed similar hikes in their various costs.

Data obtained by our correspondent from the Nigerian Upstream Petroleum Regulatory Commission indicated that Nigeria’s oil earnings in September 2023 increased by N273.8bn.

But the gains from the rise in crude production and its price hike are being eroded by the Federal Government’s quiet reintroduction of subsidy on Premium Motor Spirit, popularly called petrol, according to oil marketers.

Latest oil production figures from the upstream regulator showed that Nigeria pumped 40,396,863 barrels of crude oil (excluding condensates) last month, higher than the 36,615,125 barrels that was produced in August.

October 20, 2023