Oil production by the Organization of the Petroleum Exporting Countries fell in April due to supply delays in Nigeria and suspension of some Iraqi exports, according to a Reuters poll.
OPEC produced 28.62 million barrels per day last month, down 190,000 barrels per day from March. Nigeria’s oil production, which recently hit 1.6 mb/d, fell to a record low of 900,000 b/d between September and November last year due to oil theft by pipeline vandals, with international oil companies It came to withdraw many oil and oil capital investments.
The Chairman of Shell Companies in Nigeria, Dr Osagie Okubor recently said Nigeria missed an opportunity to earn about N2.3tr oil revenue in the last one year due to pipeline vandalism.
Okunbor said the loss was often viewed as affecting Nigeria’s oil production quota to OPEC, and stressed that the situation was also having devastating implications on the supply of gas to the Nigerian Liquefied Natural Gas. As a result, foreign direct investment in 2022 fell by 94% to hit $6 million. If you don’t fix it, you’re going to have big problems,” says Okunbor.