The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mr Mele Kyari, has said he does not forsee oil price falling below $20 a barrel.
He also disclosed on Monday that as at Sunday April 5, Nigeria produced 2.3million barrels of crude oil, including condensates.
Kyari however, maintained that the plan was for the country to ramp up production to 3million barrels per day in the nearest future.
“I don’t see oil price going below the $20 we saw last week. I’m certain, all things being equal, oil price will bounce back,” Kyari said.
He said Nigeria was endowed with premium crude oil grades which is supplied to Europe, Asia and India, stressing that despite the COVID-19 pandemic which has affected demand and supply fundamentals, all of Nigeria’s export terminals are still in operations.
“The key issue in crude oil business is market fundamentals of demand/supply. I believe COVID-19 will subside and countries will come back to life.”
The NNPC’s boss assured Nigerians of ample supply and distribution of petroleum products, saying despite the Coronavirus pandemic, the corporation had in stock about 2.6billion litres of petroleum products that could service the country’s energy needs for the next two months.
He explained that the NNPC was collaborating with all relevant stakeholders to ensure that the supply and distribution value chain is not disrupted to guarantee energy security for the country, according to a statement by Dr. Kennie Obateru, the corporations Group General Manager, Group Public Affairs Division.