Nigeria’s oil production volume rose to 1.45 million barrels a day last month, up from the 1.29 million barrels it recorded in August, latest data from the Organisation of Petroleum Exporting Countries (OPEC) have shown.
Indeed, Nigeria’s production remains undermined by disruptions and maintenance challenges, even as sustained subsidy payments and lower production continue to take a toll on the country’s forex reserves and fiscal position.
At over $83 a barrel, the Federal Government is yet to enjoy the benefit of the rally, as OPEC expects this year’s global oil demand to grow by 5.8 million barrels per day (bpd) from the low 2020 levels, down from last month’s estimate of 5.96-million-bpd yearly growth.
The Guardian had reported that a surge in pipeline sabotage, leading to a rise in crude theft and frequent shut down of oil export terminals, is undermining the country’s capacity to earn a decent income from the oil rally, while subsidy payments, which are expected…
Source: Guardian Newspaper