The export of crude oil from Nigeria has been increased by 150,000 barrels per day following the completion of Nembe Creek trunk line maintenance.
The Nembe Creek trunk line which was rehabilitated by Aiteo, an indigenous oil and gas company, disclosed on Tuesday that work was concluded on the trunk line so as to commence export activities.
The resumption of export from the Nembe Creek line, it was gathered, will increase the nation’s total export to about 2.3 million barrel per day, thus enhancing the implementation of the nation’s N7.4 trillion 2017 budget.
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The completion of work on the pipeline did not impact on the market, on Tuesday, as oil price still stood at over $57 per barrel.
The price of Brent stood at $57.47, while that of West Texas Intermediate (WTI) stood at $51.51 in the global market yesterday.
OPEC pointed out that, “The price of OPEC basket of 14 crudes stood at $55.74 per barrel on Monday, compared with $55.12 the previous Friday, according to OPEC Secretariat calculations.”
According to the NBS, Nigeria recorded a total of N2.43 trillion crude oil exports in the second quarter (Q2) of 2017 as total trade hit N5.69 trillion.
