Nigeria Lost N500.6bn Worth Of Crude Oil In Five Months – Investigation

The Nigerian executive has lost about N500.6bn from the sale of impolite oil between January and Would possibly well well maybe this twelve months.

It became as soon as gathered on Wednesday that the wreck in revenue became as soon as on account of the promenade within the country’s oil production, as it tumbled by 11.63 million barrels all the arrangement in which by the review interval.

Recordsdata got from varied stories of the Organisation of Petroleum Exporting Countries (OPEC) showed that the country produced 1.399 million barrels of impolite oil daily in January, translating to 43.369 million barrels within the final month.

This, on the replacement hand, nostril-dived to 1.024 million barrels per day in Would possibly well well maybe, per impolite oil production figures per mutter dialog as contained in OPEC stories, indicating a full production of 31.744 million barrels in Would possibly well well maybe 2022.

The distinction between January and Would possibly well well maybe figures implies that Nigeria’s oil production crashed by 11.63 million barrels all the arrangement in which by the five-month interval.

On the financial fee of the lost oil volumes, records from Statistica, a globally famed statistical firm, showed that Nigeria had been shedding billions of naira monthly on account of the continual fall in its oil production.

In step with The Punch, figures got from Statistica showed that in January, February, March, April and Would possibly well well maybe 2022, the in vogue costs of Brent, the world benchmark for impolite, had been $86.51/barrel, $97.13/barrel, $117.25/barrel, $104.58/barrel and $113.34/barrel respectively.

This offers an general realistic of $103.76/barrel for impolite oil all the arrangement in which by the five-month interval.

With an general realistic of $103.76/barrel and 11.63 million barrels of impolite lost between January and Would possibly well well maybe, it implies that Nigeria’s oil revenue crashed by $1.21bn (N500.6bn at the legitimate exchange charge of N415/$) all the arrangement in which by the interval beneath review.

Meanwhile, extra findings by our correspondent indicated that the nation’s oil production saved challenging southwards since January this twelve months.

Figures from OPEC stories showed that whereas the country produced 1.399 million barrels per day in January, this crashed to 1.258 million barrels per day in February.

The oil production fall persisted in March, as it dropped 1.238 million barrels per day and extra went all of the system down to 1.219 million barrels per day in April.

The worst fall became as soon as recorded in Would possibly well well maybe this twelve months, as the country’s oil production slumped to 1.024 million barrels per day, per impolite oil production figures got by mutter dialog by OPEC.

Operators and executive officers enjoy many instances complained concerning the wreck in Nigeria’s oil production and its affect on the country’s badly hit financial system.

Vandalism, oil theft, and sabotage, among others, enjoy been thrown up as soon as in a whereas as the causes of the wreck in Nigeria’s impolite oil production.