┬áThe International Energy Agency (IEA) forecasts that crude oil capacity in Nigeria will drop by 200,000 barrels to 1.6 million barrels per day by 2026 due to low investment. It stated that though global oil supply looks comfortable through the forecast period, with the world’s oil production capacity expected to rise by 5.9 mb/d by 2025, which more than covers growth in demand, some countries will encounter a decline in their production levels. In the report, the IEA listed the US as leading the way as the largest source of new supply, followed by Brazil, Guyana, Iraq and the UAE who will also deliver impressive gains and Colombia, the UK, Russia, Egypt, Nigeria and Angola posting the biggest declines. It stated that one of the reasons why Nigeria’s production would decline is: “As other producers in Africa seek to improve commercial terms, Nigeria plans to raise taxes […]