OPEC’s Production Hike will Affect Nigeria’s Economic Outlook

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The Organization of Petroleum Exporting Countries (OPEC) agreed yesterday to pump additional one million barrels per day crude oil into the market to crash the price of oil which hovers around $74.47 bpd now.

The decision. which will also prevent supply shortage. is projected to affect economic outlook in Nigeria if the price drops below $51 bpd benchmarked in the 2018 budget or if the country is unable to boost its oil production. which has been benchmarked around 2.3 million bpd in the budget.

Stakeholders said the situation might affect implementation of the 2018 budget and slow down recovery of the nation’s economy. which is currently rebounding from recession.