Crude production cost rises to $40/barrel – Report

Nigeria’s cost of producing crude oil has risen to about $40 per barrel, a report by the Nigerian Upstream Petroleum Regulatory Commission has said.

This is 300 per cent higher than the cost of producing the same crude in Saudi Arabia, which is $10 per barrel.

According to the NUPRC, rising production costs, coupled with volatile global oil prices, have made it increasingly difficult for Nigeria to remain competitive on the global stage.

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