2023 Budget: Falling Oil Price Raises Fears Despite Rising Production Business
Goldman Sachs in a recent report had disclosed that based on the global economic slowdown, it would not be possible for oil to hit $100 per barrel this year, which it had earlier forecasted, noting that the current poor state of the global economy has already culminated in the collapse of two big banks in the United States.
“There has been no investment in the last four to five years. That is correct. That is true in many other jurisdictions where cash flows do not support the investment. We had a different challenge – security challenge – that became very manifest in early-2022.“For instance, in around July, our net crude oil, excluding condensate, came down to around 1 million bpd. That is the lowest ever in the history of our country and our industry.
Earlier this month, the Saudi energy minister said that OPEC+ would maintain its tighter supply plans. Iraq’s government has plans to increase the country’s oil production capacity substantially from the current rate of around 4.5 million barrels daily. However, the same government has repeatedly stated it is fully behind OPEC and its production adjustment measures.
In reaction to declining production in Nigeria, the Nigerian Upstream Petroleum Regulatory Commission is galvanizing and dutifully scudding winners of marginal field to spud first oil from their fields as the country targets exponential growth in crude production to meet her quota by the Organization of Petroleum Exporting Countries, OPEC.
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