The lowest level in decades and less than half the daily production rates of 10 years ago: the figures from the Nigerian regulator are clear, the Nigeria’s oil production plummets, falling below 1 million barrels per day (bpd) in August.
To read on The Africa Report : Nigeria may trail behind Africa’s new top oil exporter Angola
“Oil theft is a recurring problem and I don’t see any change in the foreseeable future,” said Stephen Brennock, analyst at the courtier PVM Oil Associates. “The country is clearly stuck in a rut and could find itself playing second fiddle to Angola for quite a while.”
Nigeria: Buhari’s economic legacy in twelve charts
Since 2020, and in a context of growing security crisis, Nigeria’s oil production has been declining. The widespread theft of oil has severely weighed down the finances of the State, both and good