Nigeria recorded its lowest ever crude oil production in August as its output went below the one million mark.
Nigeria averaged 972,394 barrels per day (BPD) for August and this is occasioned by the rampant oil theft which has increased exponentially in recent times.
According to a report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the drop is more than 10 per cent compared to July 2022 production at 1.08 million barrels a day and lower than the 1.8 million BPD production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
With condensate, production averaged 1.18 million barrels per day for the month.
Nigeria had been struggling to meet over 1.8 million barrels per day production quota of the Organisation of Petroleum Exporting Countries (OPEC) occasioned to oil theft and pipeline vandalism.
It also affected the country’s earnings, resulting in a significant drop in monthly allocation to the federation account.
On Wednesday, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said its members would withdraw services if there is no traceable progress in tackling oil theft.
Oil producers in Nigeria had also asked the federal government to tackle the menace of illegal oil bunkers, especially in the Niger Delta.
They said oil thieves are raking in ‘petrodollars’ while the country is bedevilled by low production.
