*** Oil price hovers at $73 per barrel

By Udeme Akpan, Energy Editor

THE Organisation of Petroleum Exporting Countries, OPEC, yesterday, put Nigeria’s crude oil output, excluding condensate, at 1.544 million barrels per day (bpd) in May 2025.

This showed a marginal increase of 1.44 per cent from 1.522 million bpd recorded in April 2025.

In its June 2025 Monthly Oil Market Report, MOMR, released yesterday, OPEC said this was based on data based on secondary sources.

Also, many crude prices, including Nigeria’s Bonny Light, yesterday hovered at $73 per barrel, indicating $2 per barrel below the nation’s $75 per barrel budget 2025 reference price.

The nation’s N54.99 trillion 2025 budget is based on $75 per barrel, 2.06 million bpd output and exchange rate N1,500/$.