Nigeria Losses $2.7 Billion As Oil Production Drops Below 1 Million Barrels Per Day
According to the most recent data in August, Nigeria’s oil production fell below the threshold of one million barrels per day at a cost to the nation of around $2.658 billion.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, published numbers on oil output Wednesday, showing that daily average production for August was 972,394 barrels, down from 1.083 million barrels produced in July 2022.
The amount produced fell short of Nigeria’s daily OPEC production requirement of 1.83 million barrels by 857,606 barrels.
The nation lost $85.76 million each day, or $2.658 billion per month, at an average price of $100 per barrel.
According to NUPRC data, Nigeria’s quota for condensate in OPEC is 207,052 barrels per day.
Increased oil theft, illegal refining, and production stoppages have all impacted Nigeria’s ability to produce oil.
Oil and gas workers demonstrated yesterday in opposition to the escalating rate of crude oil theft in the Niger Delta and urged that the federal government prosecute the offenders.
The employees claimed that businesses in the sector were having trouble staying afloat due to a loss of revenue as they marched in Abuja under the banner of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN.