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Economy Earns N631bn From October Crude Oil Sales ...OPEC Output Down 240,000 b/day.

Vanguard (Nigeria)

| November 15, 2005 | COPYRIGHT 2008 AllAfrica Global Media. (Hide copyright information)Copyright

(From Vanguard (Nigeria) - AAGM)

Byline: Hector Igbikiowubo With Agency Reports

THE Nigerian economy may have earned a whooping $4.936 billion (about N631billion) from the sale of 75.95 million barrels of crude oil alone given an average price of $65 per barrel for October delivery, providing a boost for government and oil industry joint venture expenditure.

Although, the new Organisation of Petroleum Exporting Countries (OPEC) price basket for crude oil places Nigerian sweet crude on $2.50 per barrel plus prevailing Brent price, an official in the Ministry of Petroleum Resources said he is not aware that the new pricing has taken effect.

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