According to data obtained from the latest Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries for June 2022, Nigeria’s oil production crashed by about 14.94 million barrels in the second quarter of this year.
An analysis of the figures released by OPEC and the average cost of crude in Q2 2022 obtained from global oil price reports, indicated that Nigeria’s oil earnings plunged by about N703.76bn.
That is the worth of 14.94 million barrels of crude that was lost during the review period.
In OPEC’s crude oil production data based on direct communication from its 13-member nations, the organization stated that in the first quarter of this year, Nigeria produced 1.299 million barrels of oil per day.
But this dropped to 1.133 million barrels per day in the second quarter, indicating a plunge of 166,000 barrels per day.
This implies that for the estimated 90-day period in Q2 2022, the country could not produce or lost about 14.94 million barrels of crude oil.
In his reaction to the concern, the Managing Director, Seplat Energy Plc, Roger Brown, said there was a need for more synergy between the public and the private sectors to address this issue.
