Between January and September of this year, Nigeria lost no less than 120 million barrels of crude oil; due to a revenue issue.
Nigeria’s production has been constrained this year by infrastructure problems, pipeline leaks, and oil theft, placing the nation constantly below its OPEC+ crude objectives.
Despite these obstacles, the Nigerian National Petroleum Company (NNPC) Limited is optimistic that the nation’s oil output would improve in 2023, reaching 1. 8 million barrels per day by the end of the year.
In January, February, and March of 2021, the nation produced 1.7 million barrels per day (bpd), 1. 76 million bpd, and 1.74 million bpd, respectively.
Production output marginally decreased to 1.68 million bpd in April, 1.65 million bpd in May, 1. 63 million bpd in June, and July before dropping to 1.5 million bpd in August and September.