Oil production crashes by 83% – Report

Nigeria’s ability to produce crude oil has crashed by 83 per cent, findings have shown.

Data sourced from the Organisation of the Petroleum Exporting Countries report macroeconomic somics of its members showed that the country’s export capacity declined by almost 100 per cent between 2021 and 2021.

A breakdown of the data showed that as of 2012, the country’s monthly production capacity was around 95, 620 million barrels monthly, a little over 3 million barrels per day.

It dropped to 90, 546 million monthly, at 2.9mb/d in 2013 and further dipped to 75, 196 million barrels in 2014, at 2.4mb/d.

The country’s oil production capacity further crashed to 41, 168 million barrels monthly in 2015 and 27, 295 million barrels in 2016 at 880, 000b/d, but the trend reversed and increased to 37, 983 million barrels monthly in 2017.

It would be recalled that between 2014 and 2016, there was a global recession, which adversely impacted developing countries.

During this period, Nigeria’s crude oil production suffered a huge setback due to vandalism as a result of militancy in the Niger Delta.

However, in 2018, it rose to 54, 513 million barrels at 1.7mb/d.

The country’s oil production further dropped to 45, 106 million per month in 2019, and further down to 27, 730 million barrels at 894, 000 barrels per day in 2020.

In 2021, production picked up again, and rested at 41, 378 million barrels monthly at 1.3mb/d.

The country had been unable to meet its OPEC quota for some time.

Nigeria got a quota of 1.4mb/d from OPEC in 2020, 1.5/1.6mb/d in 2021, and 1.7mb/d in 2022.


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