Declining oil production and export volumes due to militancy and large-scale crude theft cut the Nigerian government’s gross revenue in September by about 12% from August to Naira 279.75 billion ($8 billion), the finance ministry said Friday. The ministry said that despite the rally in global oil prices averaging $48.43/b in June, Nigeria’s export volume declined by 1.15 million barrels in that month, resulting in a $46.52 million drop in oil export sales for the government. Nigeria’s oil exports sales are accrued to the government’s account two or three months later. “Force majeure was declared at the Bonny Terminal and there was a subsisting force majeure at the Forcados Terminal,” the ministry said in a statement. “Shut-in and shutdown of pipeline for repairs and maintenance also contributed to the drop in revenue.” Article Continues below… Crude Oil Marketwire delivers vital intelligence to help you make critical decisions. Delivered daily […]