Nigeria loses N101billion worth of oil

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Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June.

This is according to data obtained from the Organization of Petroleum Exporting Countries, OPEC, on Thursday.

In its latest Monthly Oil Market Report for August 2022, OPEC revealed that crude oil production figures based on direct communication indicated that Nigeria’s output dropped by an average of 74,000 barrels per day in July.

It added that the average cost of Brent crude, during the month under review was $105.12/barrel.

Written by: Helen Obih

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