ABUJA: Nigeria will assume a $70 oil price for its 2023 budget and crude output of 1.6 million barrels per day (bpd), its finance minister said on Wednesday, lower than its planned oil production this year due to crude theft.
Zainab Ahmed told reporters the assumed oil price and production for the 2023 budget was approved at a cabinet meeting in Abuja on Wednesday.
“The assumptions that we made for the next medium-term framework from 2023 to 2025 is that crude oil price will be at $70 bpd for 2023, $66 bpd for 2024 and $62 bpd for 2025,” Ahmed said.
Nigeria had budgeted 1.8 million bpd of production for 2022.
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