Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria might add to the global surplus.
The dip in profits reported by oil majors in their second-quarter 2016 outlook released last week may yet put further strain on Nigeria’s depleting oil revenue and 2017 budget projections, as taxes and royalties from their operations in Nigeria plateau. 
Nigeria is looking toward China to raise about $50 billion to upgrade and build new oil and gas infrastructure, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who is currently in the Asian country to hold an investment roadshow, has said.
Attacks by militants on oil installations cut Nigeria’s production by 10 percent in May and has resulted in the lowest output by the country in more than thirty years, a survey revealed.
According to reports from Reuters and Bloomberg, Kachikwu said in Vienna, Austria, where oil ministers of the Organisation of Petroleum Exporting Countries (OPEC) unanimously appointed the former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Mohammed Barkindo, as the cartel’s Secretary-General, that the country’s production had rebounded to this level after it fell to about 1.4mbpd in May due to a string of militant attacks and an accident on the ExxonMobil Qua Iboe export platform.
Nigeria, a member of the Organisation of Petroleum Exporting Countries (OPEC), will sell July supplies of its Bonny Light crude at 23 cents more than Dated Brent, according to an e-mailed statement from state-run Nigerian National Petroleum Corporation (NNPC). That’s the smallest differential since 2005 and compares with a 50 cent premium in June and $2.55 a year earlier, data compiled by Bloomberg show.
Buhari's statement deviates from the one made by the All Progressives Congress (APC) Campaign Organisation’s Director in charge of Policy and Strategy, Dr. Kayode Fayemi, who told Bloomberg last week that the incoming administration would publish the forensic audit report of PricewaterhouseCoopers (PwC), which was contracted by the Jonathan administration to investigate the finances of NNPC when the issue of the missing $20 billion was made public over a year ago.
Amidst the euphoria of a successful general elections, Nigeria’s economy has been forecast to be amongst top 20 largest in the world by 2030, according to Bloomberg report on new world economic order.
