Nigeria losses $2.7bn as oil production falls below 1mb/d

According to the most recent data, Nigeria’s oil production fell below one million barrels per day in August, costing the country $2.658 billion.

The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, reported yesterday that daily average production for August was 972,394 barrels, compared to 1.083 million barrels produced in July 2022.

The output fell 857,606 barrels short of Nigeria’s OPEC daily production quota of 1.83 million barrels.
At the average price of $100 per barrel, the country lost $85.76 million daily, amounting to $2.658 billion during the month.

NUPRC data showed that condensate, which is not part of Nigeria’s OPEC quota was 207,052 barrels per day.

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Nigeria’s oil production has been hampered by rising oil theft, illegal refining and production shut-ins.

Yesterday, oil and gas workers protested against the rising level of crude oil theft in the Niger Delta and demanded that the Federal Government take action against the criminals.

Marching under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, in Abuja, the workers said companies in the industry were struggling to stay afloat due to loss of revenue.

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