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

Nigeria’s oil production crashed below the one million barrels per day mark in August costing the country about $2.658 billion, latest data has shown.

Oil production figures posted by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, yesterday, showed that daily average production for August was 972,394 barrels, compared to 1.083 million barrels produced in July 2022.

The production figure was 857,606 barrels short of Nigeria’s OPEC daily production quota of 1.83 million.

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.

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.

Nigeria earns N1.78trn from oil in 6 months

Available data at the Central Bank (CBN), the Department of Petroleum Resources (DPR), and the Nigerian National Petroleum Corporation (NNPC), show that Nigeria’s oil export has started to show signs of improvement as it is expected to export 1.98 million barrels per day in September going by orders from oil-importing…