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Browsing: Congo S.A
Nigeria’s oil production has fallen by 30 per cent in the last four years to 1.423 million barrels per day, mb/d in 2020 from 2.041 million barrels per day, mb/d in 2017.
This is according to a recent investigative study by the Organization of Petroleum Exporting Countries OPEC, which includes pipeline vandalism and oil theft in the Niger-Delta.
The figure excludes 2020 condensate production, according to the data obtained by Vanguard Energy from OPEC’s monthly market reports between 2017 and 2020.
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The nation’s output declined by 19.3 per cent to 1.648 mb/d in 2018 from 2.041 mb/d in 2017 Year-on-year, YoY.
The production level, however, rose by 6.6 per cent to 1.765 mb/d in 2019 from 2018 figure before declining again by 19 per cent to 1.423 mb/d in 2020.
THE IMPACT
The gradual drop in output is a …