Oil Drops To $86 Per Barrel.

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When compared to the number of operational rigs in July 2022, statistics from the September 2022 Oil Market Report of OPEC showed that an oil rig in Nigeria was idle in August 2022. This occurred as oil prices fell.

According to information from OPEC’s World Rig Count, there were 10 operating drilling rigs in Nigeria as of August of this year; down from 11 in July. However, this was not long-lasting, as it fell back to 10 in the following month of August.

The rising rate of crude oil theft was a major factor in the dormancy in the activities of Nigeria’s oil rigs. Among other parties involved, the Federal Government, oil unions, and military have constantly expressed concerns about this.

To prevent oil theft, the federal government should create a standardized measurement device; that will reveal the precise quantity of daily production, export consumption, and amount being reserved.

Punch.

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