Nigeria might be under pressure to fund its N13.8 trillion 2021 budget following a significant drop of its oil output by 14.08 percent in the first 10 months of 2020, according to data obtained from the Organisation of Petroleum Exporting Countries, OPEC. A breakdown showed that the nation produced an average of 1.5 million barrels per day, mb/d, (excluding Condensate) between January and October 2020, indicating a drop of 2.5 mb/d when compared to 1.7mb/d recorded in the corresponding period of 2019. The dip in output has also been worsened by the prolonged lull in the international market, characterised by low prices of crudes, including Nigeria’s Bonny Light, which demand has been affected because of the resurgence of Coronavirus pandemic in many nations, including China that accounts for one-third of the global oil demand growth. For instance, in its latest monthly Market Report, obtained by Energy Vanguard, yesterday, OPEC […]