How much is crude oil in Nigeria?

Crude Oil Price (US$/Barrel), Production (mbd) and Export (mbd)

Month January February
Crude Oil Price (Bonny Light) 54.87 62.48
Domestic Production 1.59 1.62
Crude Oil Export 1.14 1.17

How much is the price of a barrel of oil?

Unit conversion for Oil (Brent) Price Today

Conversion Oil (Brent) Price Price
1 Barrel = 42 Gallons Oil (Brent) Price Per 1 Gallon 2.00 USD
1 Barrel ≈ 158,98 Liters Oil (Brent) Price Per 1 Liter 0.53 USD
1 Barrel = 336 Pint Oil (Brent) Price Per 1 Pint 0.25 USD

How many Litres make a barrel in Nigeria?

168 litres
One barrel is 42 gallons or 168 litres.

How much does it cost to produce a barrel of crude oil in Nigeria?

Nigeria is among the countries with the highest unit cost of production globally. Producing a barrel of oil in Nigeria costs between $21 – $30 per barrel, on average.

How much crude oil does Nigeria produce per year?

Crude Oil Production in Nigeria is expected to be 1780.00 BBL/D/1K by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Crude Oil Production is projected to trend around 1850.00 BBL/D/1K in 2022, according to our econometric models.

Which is the best description of the price of oil?

Price of oil. The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis Crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS).

Which is the largest oil producing country in Africa?

Nigeria is the largest oil and gas producer in Africa. Crude oil from the delta basin comes in two types: light, and comparatively heavy – the lighter around 36 gravity and the heavier, 20–25 gravity. Both types are paraffinic and low in sulfur.

Where was the first oil discovered in Nigeria?

In the pursuit of commercially available petroleum, Shell-BP found oil in Oloibiri, Nigeria, in 1956. Other important oil wells discovered during the period were Afam and Bomu in Ogoni territory.