Nigeria’s crude oil production is below 1 million barrels per day, according to a report by the Organization of Petroleum Exporting Countries (OPEC).
OPEC’s monthly oil market report for May showed OPEC’s crude oil production came in at 999,000 barrels per day in May, below the target of 1.73 million barrels per day. Production fell to 999,000 barrels per day from 1.3 million and 1.2 million barrels per day in February and March, respectively, the report said.
But Mele Kyari, chief executive of the Nigerian National Oil Company Group, said in an interview with Reuters last Saturday that Nigeria’s production was 1.56 million barrels per day.
Oil theft and illegal refining have caused Nigeria to struggle to reach OPEC’s 1.742 million barrels per day production target, forcing the cartels to further cut production for the remainder of 2023. similar news
Ayodere Oni, an energy law expert at Bloomfield, said Nigeria’s low output is having a negative impact on the budget.
“Firstly, our budget doesn’t make sense in terms of expected income and funding. We will have to borrow more and the government will not be able to do some things.”
Oil and gas expert Dr. Austin Nuweze said lower production would lead to lower revenues, urging the country to look for alternatives to balance the situation.
“Sales will fall as we have to meet demand. , the country’s reputation will suffer and customers will find another buyer,” he said. An independent researcher and development expert, Dr. Dauda Galba, also believed that lower crude oil production meant a loss of national revenues.