The report of Organization of the Petroleum Exporting Countries’ (OPEC) for November which examined oil production performance in October has revealed that Nigeria now ranks seventh on the organization’s production list.
According to the report, Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria. While Nigeria’s production was 1.014mb/d in October, Angola produced 1.051mb/d; Algeria, 1.060mb/d; Kuwait 2.811mb/d; UAE, 3.188mb/d; Iraq, 4.651mb/d; and Saudi Arabia, 10. 957mb/d.
Venezuela’s production was 711b/d, Equatorial Guinea’s was 57b/d. The likes of Gabon, Libya and Iran did not produce a barrel in the month.
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Nigeria, the West Africa’s largest economy has not found it funny recently as its crude oil production is bedeviled by theft and pipeline vandalism. It was revealed that the country lost N415bn to the shutdown of nine crude oil terminals within the space of two months.
The affected terminals, Forcados, Qua Ibo, Bonny, Bonga, Voho, Erha, Brass, Ukpokiti and Aje were shut down between May and June 2022. Crude oil losses recorded as a result of the shut-in include 258,000 from Forcados between June 24 and 30; 1,470mb from Qua Iboe from June 15-30; 3, 545mb from Bonny from June 1-30; and 558,000b from Bonga between June 15 and 30.
Beyond technology, Nigeria needed to identify the challenges, find the origin of the problem and deal with it.