Nigeria Loses $2.7bn As Oil Production Falls Below 1mb/d

Federal government of Nigeria has lost over $2.7 billion following the fall in oil production.

Production of crude crashed below one million barrels per day in August 2022, costing the nation about $2.658 billion.

According to Oil production figures posted by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the daily average production in August 2022 was 972,394 barrels, while 1.083 million barrels were produced in July 2022.

The production figure, however, was 857,606 barrels short of Nigeria’s OPEC daily production quota of 1.83 million.

At the average price of $100 per barrel, Nigeria lost $85.76 million daily, which amounted to $2.658 billion in the month of August.

Nigeria’s oil production was greatly affected by rising oil theft and unlawful refining as a result of the government’s inability to set wrongs right.

Recently, oil and gas workers protested against the high spate of bunkers in the Niger Delta region and charged Federal Government to take action against the criminals.

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