However, global supply chain constraints mean that energy supply is unable to rise as quickly and match the rise in demand. While the global energy market is grappling with a perfect storm, oil producers like Nigeria are grappling with higher petrol subsidy payments amid the dire need to raise revenues or at least block leakages. Nigeria's oil production, while limited by its OPEC quota, hinges crucially on huge investments by private and mostly International Oil Companies (IOCs). As a result, Nigerian oil output is likely to remain below 2011-14 highs of 2mbpd. How Govt Support is a Key Driver for the Growth of Nigeria's Oil and Gas Sector - OpEd by Femi Isaac3.

Source: CBC News November 07, 2021 08:07 UTC