Nigeria's oil recovery target sounds too good to be true

  • Nigeria's oil minister sets target to increase oil production to OPEC quota levels by August

  • The country is currently underproducing by more than 700kbpd (vs quota) – the biggest laggard among OPEC members

  • There is a dire need for oil receipts, as revenues are being wiped out by ballooning subsidies. FX reserves are low
June 28th, 2022
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