Nigeria’s finance ministry has proposed that country’s budget for 2013 be based on average oil production of 2.53mn b/d, higher than this year’s budgeted 2.48mn b/d.
And the ministry has proposed an average oil price of $75/bl for next year, up from this year’s budgeted $72/bl.
State-owned NNPC said earlier this month that the country’s oil production had risen to a record 2.7mn b/d, although traders have questioned the claim.
Nigeria’s national assembly will debate the 2013 budget later this year. Legislators have previously changed proposed oil production and price estimates. President Goodluck Jonathan also has to agree to the budget.
Nigeria is Africa’s largest oil exporter.