Friday, December 17, 2010

Nigeria sets $62/b oil price benchmark for 2011 budget

Lagos (Platts)

Nigeria has proposed a budget of Naira 4.2 trillion ($28 billion) for 2011, based on a benchmark oil price of $62/barrel, finance ministry officials said Wednesday.

This compares with a budget of Naira 4.6 trillion approved for the current year, that was based on oil price of $60/b and production of 2.35 million b/d.

Resurgent violence in the main oil producing Niger Delta since October this year forced the government last month to lower its production target for 2011 to 2.3 million b/d, compared with 2.38 million b/d initially.

President Goodluck Jonathan will formally present the 2011 budget proposal to parliament Wednesday for approval, the officials said.

Oil accounts for about 80% of Nigeria's export earnings.


Similar stories appear in Oilgram News. See more information at

For related news, please see Platts Nigerian Oil Production feature at

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