November 28, 2022



Nigeria struggles to satisfy oil quota, loses 20% manufacturing to thieves

Nigeria is struggling to provide 1.21 million barrels per day in distinction to its 1.4 million barrels handed to it by the Organisation of the Petroleum Exporting Nations (OPEC).

Group Chief Government Officer of Oando Plc, Wale Tinubu, who disclosed this on the 2022 Nigerian Oil and Fuel (NOG) convention and exhibition, stated 20 per cent of the nation’s oil manufacturing can also be misplaced to grease theft.

Recall that the Chief Government Officer of the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), Gbenga Komolafe, had said one month in the past that solely 71 per cent of oil produced in Nigeria will get to the crude oil export terminals.

“There was a 43 per cent discount in our manufacturing from March 2020 to Might 2022. We lose virtually 20 p.c of our each day crude manufacturing to grease thieves and pipeline vandals and 20,000 barrels a day of oil is misplaced to grease theft.

“Mainly some three million barrels on common yearly is misplaced to grease theft and pipeline vandalism”.

“The Organisation of the Petroleum Exporting Nations (OPEC) gave us a quota of 1.4 million barrels per day and we have been struggling to do 1.21 million barrels per day.

“We are going to get to a quota of 1.8 million very quickly as a result of the OPEC settlement expires in September. They’re easing manufacturing by 400,000 barrels per day.” Tinubu stated, including, “We aren’t assembly the quota and we won’t be able to satisfy it by that September”

The losses recorded have been majorly resulting from curtailed manufacturing inside the interval from 9 terminals.

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In line with the pinnacle of the Nigerian Upstream Petroleum Regulatory Fee, Gbenga Komolafe, the nation misplaced $1 billion in oil income to crude oil thieves within the first quarter of 2022.