Nigeria suffers lowest crude production as economic crisis worsensÂ

Nigeria petrodollar revenue may continue its steep dip as the country’s crude production reduced in August.

According to Organisation of Petroleum Exporting Countries in its September report, Nigeria’s oil production plunged to 972,000 barrels per day in August 2022.

The plunge in the country’s crude production is considered the lowest to be seen in many years. As a result, Angola and Libya have taken the lead in crude production in Africa, recording 1.187mb/d and 1.123mb/d for the same month.

The Nigerian Government has blamed reducing production on economic sabotage as millions of barrels of crude are believed to be stolen daily.

As part of the measures against crude theft, government initiated private policing of oil pipelines and installations in the Niger Delta creeks.

The Nigerian Senate has equally shown concerns and initiated legislations aimed at punishing crude thieves.

It also enjoined the courts to often give accelerated hearings to cases of crude theft.