Nigeria’s oil production has slumped to an all-time low of below one million barrels per day. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), output averaged 972,394 barrels per day in August 2022. This was as Brent crude sold for $100.70, yesterday, on the international market.
The latest figure indicates the drop is more than 10 percent, compared to July 2022 production, which was 1.08 million barrels.
Meanwhile, members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), yesterday, submitted a letter to the Group Chief Executive Officer of Nigerian National Petroleum Company (NNPC) Limited, following a rally to draw the government’s attention to oil theft and pipeline vandalism.
President of PENGASSAN, Festus Osifo, lamented large-scale collusion in the Niger Delta, urging well-meaning Nigerians to close ranks and tackle the menace.