The consequences of rising crude oil theft are becoming more apparent. Currently, Libya is second, behind Angola.
Festus Osifo, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, raised the alarm that the level of theft by the military and other collaborators has reached a level where he is concerned staff members may start to lose their jobs. This brought the issue of crude oil theft to light.
Since then, the military and navy have quickly distanced themselves from such despicable events.
The report revealed that oil production in Nigeria dropped in August 2022, crashing below one million barrels per day to 972,394 BPD, the lowest ever recorded in years.
The Organization of Petroleum Exporting Countries (OPEC) has disclosed that Angola and Libya have overtaken Nigeria as Africa’s biggest oil producers, as Nigeria’s oil output fell to 972,000 barrels per day in August 2022.
The update was provided by OPEC in its September 2022 report, supporting newly revealed data from the Nigeria Upstream Petroleum Regulatory Commission.
Last week, Nigeria’s crude oil production slumped below one million barrels per day in August 2022, the lowest ever in several years.
The report revealed that oil production in Nigeria dropped in August 2022, crashing below one million barrels per day to 972,394 BPD, the lowest ever recorded in years.
It stated that figures from the NUPRC indicated that the country’s oil production dropped from 1,083,899 BPD in July to 972,394 bpd in August.
The decline in Nigeria’s oil production caused Angola and Libya to surpass Nigeria in terms of oil output, according to OPEC’s September 2022 oil sector report, which was released on Tuesday.
