Economy

Economy In Dire Jeopardy As Nigeria Losses N703 Billion Worth Of Crude Oil

Published

2 years ago

July 18, 2022

An OPEC report said that Nigeria’s oil production crashed by about 14.94 million barrels in Q2 of 2022. The report was for June of 2022.

The figures issued by OPEC said that the average cost of crude in the second quarter of 2022 shows that Nigeria’s earnings fell by about N703.76 billion which is the price of 14.94 barrels of crude oil in the period under review.

Nigeria missing OPEC daily quota The Punch report said that OPEC’s crude oil analysis was based on direct communication from its 13 member countries, saying that in the first quarter of 2022, Nigeria produced N1.299 million barrels of oil per day.

Nigeria’s OPEC daily quota is 1.799 million barrels per day. However, the country’s oil production dropped to 1.133 million barrels per day in the second quarter, showing a decline of 166,000 barrels per day.

This shows that for the estimated three-month period of the second quarter of this year, Nigeria lost more than 14 million barrels of crude oil. According to Statista, crude oil sold for $104.58, $113.34 and 122.71 per barrel respectively in April, May and June,

Industry watchers decry decline This shows that in the period under review, crude oil sold mostly for $113.54 per barrel, meaning that the loss of 14.94 million barrels in the second quarter amounted to about N703.96 billion,

The Nigerian government and industry operators have criticised the decline in the oil in the country’s crude oil production, attributing it to vandals and oil theft. Nigeria loses top Spot again as list of Africa’s leading Oil producers for June is revealed by OPEC

Edujandon.com reported that for the second month in a row, Nigeria has lost its position as Africa’s largest oil producer. According to the Organization of Petroleum Exporting Countries (OPEC)’s monthly oil market report for June, Angola recorded oil production of 1.175 million barrels per day compared to Nigeria’s 1.024 million barrels per day.

However, OPEC praised Nigeria in the report, noting a 134,000 barrels per barrel (bpd) increase in production compared to 1.024 million direct communication in May when Nigeria lost its status as Africa’s top oil producer.