Sat 10 September 2022:
Nigerian crude oil production fell below 1 million barrels per day (bpd) in August as the country battled rife pipeline theft, according to data from its regulator, Reuters reported.
According to data from the Nigerian Upstream Petroleum Regulatory Commission, the nation’s overall oil and condensates output fell to an annual low of 1.18 million bpd in August.
According to data from the Organization of the Petroleum Exporting Countries (OPEC), that is Nigeria’s lowest daily average output since at least 1997. According to its data, production never dropped below 1.4 million bpd, even during what were dubbed “crippling militant attacks” in the Niger Delta in 2009–2010 and again in 2016.
Industrial-scale oil theft poses an “existential” threat to what is typically Africa’s largest oil exporter, a Shell executive said in July, while President Muhammadu Buhari has said the problem is affecting state finances “enormously”.
Nigeria slipped behind Angola as Africa’s largest exporter in July, according to OPEC figures.
Its highest output this year, recorded in January, was 1.68 million bpd, though the country has the capability to export close to 2 million bpd.
Last month, the head of state oil company NNPC LTD said 700,0000 bpd were missing from its exports as thieves stole some oil and companies shut operations in other fields to avoid the thieves.
According to some businesses, more than 80% of the oil they put into specific pipelines was stolen.
This week, a union representing oil workers expressed concern for the safety of its members and threatened to strike if the government did not act quickly to stop oil theft.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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