In comparison to July 2022 output of 1. 08 million barrels per day, the decrease is more than 10%, and it is less than the 1. 8 million barrels per day production target set by the Organization of Petroleum Exporting Countries (OPEC).
Due to oil theft and pipeline damage, Nigeria had been unable to reach the 1.8 million barrels per day output quota set by the Organization of Petroleum.
Additionally, it had an impact on the nation’s earnings; which led to a large decrease in the monthly allocation to the federation account.
Nigerian oil producers had also requested that the federal government address the problem of illicit oil bunkers, particularly in the Niger Delta. According to them, its members would stop working if there is no discernible improvement in the fight against oil theft.