Nigerian Oil Market Decline below the One Million BPD, coming in at about 97000 barrels per day
Written by Olarotimi Oshin on September 8, 2022
The Nigerian oil market hit an all-time low in production output in the month of August. What began as a promising economic rebound from the global pandemic at the year’s beginning has gradually spiraled downwards.
According to the Information disclosed by The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its latest crude oil and condensate production data for August 2022, it showed that oil production numbers for the month of August declined below the 1 million BPD mark, coming in at 972,394 barrels per day.
Factors like demand, supply, and production have recorded some troubling statistics in April this year, 1.219 million BPD was recorded and in the following month production figures dropped to 1.024 million BPD. This decline in oil production has been linked to oil theft and pipeline vandalism.
In a report by Naira metrics, the oil sector dipped by 11.77% year-on-year in the second quarter of 2022, compared to a contraction of 26.04% recorded in the first quarter of 2022. The contraction in the sector’s GDP is following the decline in crude oil production capacity.
UPLOADED BY JESUTOMIKE AKOMOLAFE