Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list, according to the organisation’s Monthly Oil Market Report for November, which examined oil production performance in October. Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria. Nigeria used to rank fifth, with countries such as Angola and Algeria behind it in terms of crude oil production. West Africa’s largest economy has been through a rough path as its crude oil production is bedevilled by theft and pipeline vandalism. A recent report by The PUNCH revealed how the country lost N415bn to the shutdown of nine crude oil terminals within the space of two months.

Source: Punch November 21, 2022 10:08 UTC