Caused by oil theft, Nigerian oil exports are at their lowes...| MENAFN.COM

Friday, 07 October 2022 08:20 GMT

Caused by oil theft, Nigerian oil exports are at their lowest level in 25 years


(MENAFN) According to data from its regulator, Nigeria's crude oil production fell below 1 million barrels per day (bpd) in August as the country battled rife pipeline theft.

As per figures from the Nigerian Upstream Petroleum Regulatory Commission, the nation's overall oil and condensates output fell to an annual low of 1.18 million bpd in August.

As shown by data from the Organization of the Petroleum Exporting Countries (OPEC), that is Nigeria's lowest daily average output since at least 1997. According to its data, production never dropped below 1.4 million bpd, even during what were dubbed "crippling militant attacks" in the Niger Delta in 2009–2010 and again in 2016.

A Shell executive stated in July that industrial-scale oil theft represents an "existential threat" to what is typically Africa's largest oil exporter, and President Muhammadu Buhari has stated that the issue is "enormously" affecting state finances.

Nigeria lost ground to Angola in July as Africa's top exporter.

Although the nation has the capacity to export close to 2 million bpd, its highest output this year was 1.68 million bpd in January.

MENAFN12092022000045011137ID1104846878


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.