Nigeria losses $2.7bn as oil production crashed

Nigeria’s oil production crashed below the one million barrels per day mark in August costing the country about $2.658 billion, latest data has shown.

Oil production figures posted by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, yesterday, showed that daily average production for August was 972,394 barrels, compared to 1.083 million barrels produced in July 2022.

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

At the average price of $100 per barrel, the country lost $85.76 million daily, amounting to $2.658 billion during the month.

NUPRC data showed that condensate, which is not part of Nigeria’s OPEC quota was 207,052 barrels per day.

Nigeria’s oil production has been hampered by rising oil theft, illegal refining and production shut-ins.