http://www.tribune.com.ng/280206/news07.htmNIGERIA realised $4.408 billion from crude oil production, including condensates and natural gas liquids, in December, 2005, according to the Central Bank of Nigeria (CBN) in its monthly report for December, 2005.
The CBN disclosed that Nigeria’s crude oil production for the month was estimated at 76.6 million barrels, while the product was sold at $57.55 per barrel.
The report indicated that Nigeria produced 2.47 million barrels of crude oil per day with an estimated daily revenue of $142.14 million from the sale of crude oil.
The revenue realised in December, according to the CBN, was much higher than the $4.11 billion realised from crude oil production in the preceeding month, having produced 72.23 million barrels in November, 2005 at $56.93 per barrel.
According to the CBN report, the price of Nigeria’s reference crude, Bonny Light, rose by $0.62 per barrel or 1.1 per cent over the price recorded in the preceding month.
Similarly, the prices of other competing crudes, namely the West Texas Intermediate, Brent, Arab Light and the Forcados, increased by 6.0, 2.1, 1.0 and 2.1 per cent to $59.29, $56.24, $51.88 and $57.74 per barrel respectively.
CBN attributed the rise in price to the high demand in the United States of America, occasioned by the cold weather in that country.
Meanwhile, non-oil export earnings by Nigeria’s top 100 exporters in December 2005 amounted to $59.58 million, indicating an increase of 12.4 per cent over the preceding month’s level.
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