Against the positive picture painted on possible rise in the price of crude oil at the international market above USD50 per barrel, Nigeria may be left out of reaping this fortune as the United States Energy Information Administration, EIA, projected a negative downturn for the country’s crude oil production growth this year. The report is coming as a data from the Nigerian National Petroleum Corporation, NNPC, indicated a steady decline in output since January with the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, buttressing the gloomy picture of Nigeria amidst the international price recovery. Nigeria’s crude oil production in the five months to May 2016 dropped to 295.09 million barrels, showing a shortfall of 36.15 million barrels or 10.91 per cent from 331.24 million barrels recorded in the preceding five months of August-December, 2015. The January-May 2016 output translated to an average daily crude oil output of […]