x

BREAKING: Nigeria Records Lowest Oil Output at 972,394 bpd

More worries for the Nigerian government as crude oil production dropped below the one million mark in August 2022.

Reports showed that oil output averaged 972,394 barrels per day (bpd) for the month, hitting an all-time low.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in its latest crude oil and condensate production data for August 2022.

According to the report, the drop is more than 10 percent compared to July 2022 production at 1.08 million barrels a day and lower than the 1.8 million bpd production quota set by the Organisation of Petroleum Exporting Countries (OPEC).

With condensate, production averaged 1.18 million barrels a per day for the month.

Nigeria had been struggling to meet over 1.8 million barrels per day production quota of the Organisation of Petroleum Exporting Countries (OPEC) occasioned by oil theft and pipeline vandalism.

It also affected the country’s earnings, resulting in a significant drop in monthly allocation to the federation account.

On Wednesday, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said its members would withdraw services if there is no traceable progress in tackling oil theft.

Oil producers in Nigeria had also asked the federal government to tackle the menace of illegal oil bunkers, especially in the Niger Delta.

They said oil thieves are raking in ‘petrodollars’ while the country is bedevilled by low production.

Hot this week

Omu Ogwashi-Uku kingdom, stakeholder urge community on peace for development

Omu Ogwashi-Uku kingdom, stakeholder urge community on peace for...

NULGE Urges L.G Workers to Double Efforts in Service Delivery

By Jabiru Hassan The Chairman of the Nigeria Union of...

ECOWAS Peace Fund, UCARE Nigeria Render Humanitarian Services to Over 2,000 IDPs in Benue

By Isaac Kertyo, Makurdi The ECOWAS Peace Fund, in partnership...

NDLEA Arrests Suspect With 9kg Cannabis Worth Over ₦10m Along Zaria-Kano Road

By Jabiru Hassan Operatives of the National Drug Law Enforcement...

JUST IN: Immigration Increases Passport Fees to N100,000 and N200,000

The Nigeria Immigration Service (NIS) has announced a new...

Chinese film on Nanjing Massacre resonates with Nigerian audience Source:...

Oborevwori, Senator Nwoko Hail Igbo Socio-Cultural Group for Tackling Identity Crisis

By Anne Azuka The Igbo Unification Movement, in collaboration with...

Tinubu Declares 9th National Youth Games Open in Delta

By Anne Azuka The 9th National Youth Games kicked off...

PAAU Gets NUC Approval for MBBS Program

By Noah Ocheni, Lokoja The Faculty of Medicine at Prince...

Kaduna: London-Based Philanthropist, Andishu, Lauds Gov. Sani’s Security and Peace Model

By Achadu Gabriel, Kaduna London-based Nigerian businessman and philanthropist, Moses...

Aliyu Flags Off 2025 Tree Planting in Sokoto, Urges Collective Action Against Desertification

By Muhammad Ibrahim, Sokoto Governor Ahmed Aliyu has launched the...

KGIRS Targets Over ₦3bn Monthly Revenue in 2026

By Noah Ocheni, Lokoja The Chairman of the Kogi State...
spot_img

Related Articles

Popular Categories

spot_imgspot_img