Nigeria’s oil production has been on the decline in the past months. Last month, oil production dropped by more than 10 percent below the one million mark.
Findings by Investors King show that Nigeria’s oil production in August hit an all-time low of 972,394 barrels per day.
According to the report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the drop is more than 10 percent when compared to 1.08 million a day produced in July 2022.
July production of 1.08 million bpd is nonetheless lower than the country’s quota which was set at 1.8 million bpd by the Organisation of Petroleum Exporting Countries (OPEC).
The shortfall in Nigeria’s oil production can be significantly attributed to oil theft and pipeline vandalism which started in 2021 and entered a large magnitude this year.
Investors King had earlier reported that Nigeria lost $3.5 billion dollars to oil theft in 2021.
Meanwhile, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to shut down oil production in Nigeria for 30 days if the Federal Government fails to curb the lingering massive oil theft in Niger Delta.
Members of the union staged protests in various parts of Nigeria including Abuja, Warri in Delta State, Kaduna and Port Harcourt in Rivers State.
Speaking at the sensitisation rally that was held at the Delta State Governor’s Office Annexe in Warri, the PENGASSAN Zonal Chairman, Prince Audu Osihiokhamele, noted with concern that “the big men doing the business of crude oil theft are in government.”
“We will shut down the country for 30 days until we all come to the round table to unravel the mysteries surrounding the thefts,” Osihiokhamele stated.
Findings show that if PENGASSAN shut down oil operations for 30 days, Nigeria might lose about N1.37 trillion.
