The impact of increasing crude oil theft is now obvious with Nigeria falling from its loft position as highest oil producer in Africa, now relegated to the third position. Angola is now number one followed by Libya.
The issue of crude oil theft came to the fore after the president of Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo raised the alarm that the level of theft by the military and other collaborators have gotten to a level, he is afraid, staff may begin to lose their jobs.
The military and the navy have since quickly disocciated themselves from such ugly incidents, even as very few believed.
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 Organisation Of Petroleum Exporting Countries (OPEC) has disclosed that Angola and Libya have overtaken Nigeria as Africa’s biggest oil producer, 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.
Only 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.
Confirming this in its September 2022 oil sector report released on Tuesday, OPEC stated that the drop in Nigeria’s oil production made Angola and Libya overtake Nigeria in oil output.
