Recently the Organization of the Petroleum Exporting Countries (OPEC) reported about Nigeria’s crude oil production.
According to those data, the crude oil production has dropped.It was recorded 1 million b/d recorded July but reduced to 900, 000b/d in August.
Bonny Light crude oil’s price also got a 10% decrease from $117/b in July to $106/b in August.
Bonny light is a benchmark crude and country’s crude grade with the higher cost than the international crude “Brent”.
This year reached the maximum loss to 1.2mb/d then 1.1mb/d to 1mb/d in July, and 900, 000b/d in August.
Nigeria is facing a gradual decrease in the past few years. In 2020 the production was 1.4mb/d and 1.3mb/d at the top of 2021.
OPEC has demanded its crude 0.9 mb/d higher than this year to stand at 29.8 mb/d in 2023.
“Oil prices are volatile, and we need to think of other ways to boost revenue,” Professor Akpan Ekpo said.
Nigeria’s output is getting low day by day which will risk the hope of getting any benefit in the current time.