The average spot price of Nigeria reference crude oil (bonny light) rose to $85.68 in the first quarter of 2024, according to data from the Central Bank of Nigeria (CBN) statistical bulletin in the first quarter of 2024.
The $85.68 crude price is $7.72 above the $77.96 benchmark price in Nigeria’s 2024 appropriation act. The CBN report showed that the average spot price of Nigerian reference crude in January 2024 stood at $82.18, in February, $86.08 and in March it was $88.80.
Further analysis showed that the average spot price of Nigeria reference crude oil decreased from $86.61 from the figure recorded in Q1’24,when compared to the preceding quarter. The report also showed that the average spot price of crude oil increased by $1.70 from $83.98 in Q1’23 to $85.68 in the Q1’24.
Though there was increased crude price, Nigeria, however, failed to meet the budget benchmark and its quota from the Organisation of Petroleum Exporting Countries (OPEC).
The FG’s crude oil benchmark for the 2024 budget is 1.78 million barrels of daily production while OPEC quota for Nigeria from January 2024 to December is 1.380million barrels per day. Nigeria’s daily oil output in January was 1.38million, February, 1.322 mbpd; and March, 1.231mbpd.