Nigeria Lost N500.6bn Crude Oil In Five Months
Findings from various oil and gas as well as statistical reports have shown that between January and May of this year, Nigeria’s revenue streams from the sale of crude oil decreased by about N500.6 billion. On Wednesday, it was learned that the decline in revenue was caused by the nation’s oil production, which fell by 11.63 million barrels during the review period. Data from various Organization of Petroleum Exporting Countries reports revealed that the nation produced 1.399 million barrels of crude oil per day in January, or 43.369 million barrels overall. This, however, nose-dived to 1.024 million barrels per day in May, according to crude oil production figures based on direct communication as contained in OPEC reports, indicating a total production of 31.744 million barrels in May 2022. The difference between January and May figures implies that Nigeria’s oil production crashed by 11.63 million barrels within the five-month period. On the monetary value of the lost oil volume...