Nigerian oil exports fall below 1 million barrels a day as thieves cut production

Nigerian oil exports fall below 1 million barrels a day as thieves cut production

View of the Bonny oil terminal in the Niger Delta in Port Harcourt, Nigeria on August 1, 2018. REUTERS/Ron Bousso

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LAGOS, Sept. 9 (Reuters) – Nigeria’s crude oil production fell below 1 million bpd in August, its regulator’s data shows, as the country battled rampant theft from its pipelines.

The country’s total oil and condensate production fell to an annual low of 1.18 million barrels per day in August, according to the Nigerian Oil Exploration and Production Regulatory Commission.

This is Nigeria’s lowest average daily production since at least 1997, according to data from the Organization of the Petroleum Exporting Countries (OPEC). His numbers show that production has never dropped below 1.4 million barrels per day, even against what was considered at the time to be detrimental to militant attacks in the Niger Delta in 2009-2010 and again in 2016.

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Oil theft on an industrial scale is an “existential” threat to Shell, which is usually Africa’s largest oil exporter. (SHELL) said in July, while President Muhammadu Buhari said the issue was “tremendously affecting public finances”. read more

In July, Nigeria lagged behind Angola as Africa’s largest exporter, according to OPEC data.

Its highest production this year, recorded in January, was 1.68 million barrels per day, although the country has the ability to export about 2 million barrels per day.

Last month, the head of state oil company NNPC LTD said its exports were missing 700,000 bpd as thieves stole some of the oil and companies shut down operations at other fields to avoid thieves.

Some companies claim that more than 80% of the oil they put into certain pipelines has been stolen.

The oil workers’ union this week raised concerns about the safety of its members and threatened to go on strike unless the government takes urgent action to curb oil theft. read more

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Reporting by Libby George; Edited by David Goodman and Hugh Lawson

Our standards: Thomson Reuters Trust Principles.

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