Demand for Nigeria crude oil has continued to outpace its current output, The Nigerian National Petroleum Corporation has said, providing a shearing news for the country's economic managers.
Nigeria, OPEC member country currently produces 1.75 mbpd crude including condensate, though short from the 2.2 mbpd target for the year.)
“As we speak now, even the demand for Nigeria’s crude oil is over-subscribed. We have more buyers demanding for our crude oil than what we can supply to them,” Ndu Ughamadu, NNPC spokesman said.
Ughamadu said representatives of The Netherlands, one of the European buyers of Nigerian crude, were at the corporation’s headquarters a few weeks ago in connection with their desire to patronise Nigeria's petroleum resources.
“They want to collaborate with the NNPC towards utilising petroleum products for the production of animal feeds. So, more innovations will come up towards utilising the raw materials,” he said.
“They want to collaborate with the NNPC towards utilising petroleum products for the production of animal feeds. So, more innovations will come up towards utilising the raw materials,” he said.
There have been concerns in recent over the increasing production of electirc cars and weak outlook for pertoleum resource in the near future and its implications on the oil-dependent nations.
Nigeria earning from crude export has suffered declined two year ago in the wake global falling oil price and increase militancy in the Niger Delta which shut out oil production.
At some point, the country's production level plummeted to a near 30-year low of 1.4 million barrels per day from about 2.2 million bpd.
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