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The Minister in his statement yesterday, also said that the country has the capacity to increase crude oil production to two million barrels daily and expressed his commitment to fostering collaboration with stakeholders to enhance the country’s oil and gas sector amidst his ambitious target for the year 2024.
India, a primary destination for Nigerian grades, increased its appetite for discounted Russian barrels.
The hostilities in the Eastern bloc also caused a dip in demand for Nigeria’s oil in the Asian market, the Nigerian National Petroleum Company Limited (NNPC
Crude oil exports from Nigeria to Europe have increased to 730,000 barrels per day despite the shortage of its supply to local refineries.
The Nigerian National Petroleum Company Limited (NNPCL) has explained how the Russian-Ukraine crisis dipped demand for the country’s grades from the once-dependable Asian market.