The Nigerian National Petroleum Corporation, NNPC has released a forecast on oil prices for 2022 and 2023.
Group Managing Director, NNPC, Mele Kyari in a statement on Wednesday while providing a base crude oil price scenario in the medium term, stated that the Corporation had pegged the commodity at $57/barrel for 2022, and $61/barrel for 2023. According to him, the forecast was arrived at after a careful appraisal of the three-year historical dated Brent oil price average of $59.07/barrel premised on Platts Spot Prices. “Price growth is to be moderated by the lingering concerns over COVID-19, increased energy efficiency, switching due to increased utilization of gas and alternatives for electricity generation. These are reflected in the Medium-Term Revenue Framework,” he said. He further noted that establishing NNPC Retail stations would not yield the desired result since the people who
smuggled the product across the border were not interested in selling at the official prevailing prices at approved stations but were interested in under the counter deals.
Source: https://sweetcrudereports.com/nnpc-releases-2022-2023-oil-price-benchmark/