Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reiterated Nigeria’s commitment to increasing its oil production in line with the government’s target of optimal resource utilisation.
He commended Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for piloting the petroleum sector to hit a production level of 1.84 million barrels in recent days, but urged the commission to ramp up to the target of two million barrels per day.
This came as JP Morgan stated that oil prices could spike above 150 dollars– an all-time high – if flows via Hormuz remain disrupted into mid-May.
The OPEC+ also agreed yesterday to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.
Edun spoke when Commission Chief Executive, NUPRC, Mrs. Oritsemeyiwa Eyesan, visited the headquarters of the Federal Ministry of Finance in Abuja.

 

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