According to statistics provided by direct sources, Nigeria’s crude oil production decreased from 1 million barrels per day in July to 900,000 barrels per day in August, according to the OPEC report.
Production continued to progressively decline, reaching 1.3 mb/d at the start of 2021 and 1. 2 mb/d in the first quarter of this year. The output decreased to 1. 1 mb/d as of the second quarter of this year, to 1 mb/d in July, and to 900 kb/d in December. The number of rigs in the nation decreased from 16 in 2019 to 10 in August 2022.
Nigeria’s low output puts its profitability at danger because the nation hasn’t been able to fully capitalize on the increase in demand for OPEC crude; despite the demand for the commodity continuing to rise.
The Group Chief Executive Officer, NNPC blamed the country’s low crude oil outputs on theft. Resulting from pipeline vandalism in the Niger Delta.