Home » Business » Energy » Nigeria’s oil output drops by 14% to an average of 1.5mb/d Nigeria’s oil output drops by 14% to an average of 1.5mb/d ON DECEMBER 15, 2020 5:59 AM IN ENERGY ***As Bonny Light price hovers at $49 per barrel By Udeme Akpan, Ediri Ejoh & Prince Okafor Nigeria might be under pressure to fund its N13.8 trillion 2021 budget following a significant drop of its oil output by 14.08 percent in the first 10 months of 2020, according to data obtained from the Organisation of Petroleum Exporting Countries, OPEC. A breakdown showed that the nation produced an average of 1.5 million barrels per day, mb/d, (excluding Condensate) between January and October 2020, indicating a drop of 2.5 mb/d when compared to 1.7mb/d recorded in the corresponding period of 2019. The dip in output has also been worsened by the prolonged lull in the international market, characterised by low prices of crudes, including Nigeria’s Bonny Light, which demand has been affected because of
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