Nigerian Crude Oil Exports at Lowest Level in 25 Years Due to Oil Theft

Date:

Share post:

Nigeria’s crude oil production fell below 1 million barrels per day (bpd) in August, according to figures from its regulator.

The drop in production has been blamed on the growing case of pipeline vandalism and crude oil theft.

The country’s total oil and condensate production fell to an annual low of 1.18 million bpd in August, data from Nigeria’s Upstream Petroleum Regulatory Commission showed.

This is Nigeria’s lowest average daily production since at least 1997, data from the Organization of the Petroleum Exporting Countries (OPEC) show.

Crude oil

Also, read; Iwájú: Disney Collaborates With Africa’s Kugali In Animated Series Set In Lagos, Nigeria

Their figures show that production never dropped below 1.4 million bpd, even amid what was then considered “crippling militant attacks” in the Niger Delta in 2009-10 and again in 2016.

Industrial-scale oil theft poses an “existential” threat to Africa’s biggest oil exporter, a Shell executive said in July, while President Muhammadu Buhari said the problem was “enormously” affecting government finances.

According to OPEC data, in July Nigeria was behind Angola as the biggest exporter in Africa.

The highest production this year, recorded in January, was 1.68 million bpd, although the country has the capacity to export around 2 million bpd.

Last month, the head of state oil company NNPC LTD said its exports were missing 700,000 bpd as thieves stole some of the oil and companies closed operations in other fields to ward off the thieves.

Some companies said that more than 80% of the oil they put in certain pipelines was stolen.

A union of oil workers this week expressed concern for the safety of its members and threatened to go on strike unless the government takes swift action to stem the oil theft.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Related articles

At least 26 villagers killed in latest violent attack in central Mali

At least 26 people were killed after an armed group attacked a village in Mali’s central region, near...

Anti-Corruption protests erupt in Uganda’s capital, inspired by Kenya

Ugandan security forces on Tuesday arrested dozens of people who tried to walk to the parliament building to...

Pro- and anti-government protesters clash in Kenya as police hurl tear-gas cannisters

Anti-government protesters in Kenya’s capital clashed with a pro-government group on Tuesday, leading to the burning of a...

Technological Innovations That Makes Life Easier in Africa

Africa has reaped massively from technology. We have seen smart developers and programmers create awesome gadgets and mobile...