Nigeria’s oil output drops 13.3% to 1.3 mbpd
The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output at 1.3 million barrels per day, bpd, in April 2022.
This is a decrease of 13.3 percent compared to 1.5 million bpd recorded in the corresponding period of 2021.
According to the May 2022 Monthly Oil Market Report, MOMR, of OPEC, Nigeria remains the highest producer in Africa, while Equatorial Guinea is the least with 94,000 bpd.
OPEC expects Nigeria to produce 1.773 million bpd in June 2022, as part of measures targeted at achieving market stability. However, the Chairman of International Energy Services, Dr. Diran Fawibe, said Nigeria might not be able to meet the target.
He said: “The market might continue to record increased instability as Nigeria will not be able to meet its quota, apparently because of increased pipeline vandalism, oil theft and illegal refining in the Niger Delta.
“Overtime, the oil and gas companies have not been investing much, partly because of the delay associated with the passage of the nation’s Petroleum Industry Bill, PIB, which has now become an Act. Consequently, a lot of investments went to other nations, leading to the low production capacity of the country.