Nigeria lost at least 52 million barrels of crude oil between May and December 2020 to COVID-19-induced compulsory supply cuts imposed by the Organisation of Petroleum Exporting Countries (OPEC), according to a data by the Nigerian National Petroleum Corporation (NNPC). While Nigeria’s crude oil production level before the curbs was two million barrels per day (bpd), recent data from NNPC indicated that while the average daily crude oil production for the entire year stood at 1.775 million bpd, total production for the whole year was 704.741 million barrels. In January, the country recorded the highest production level of 2.072 million bpd while last December, NNPC recorded its lowest production of 1.419 bpd. On average, the difference in the production of crude oil between January and December, 2020, for instance was 652,967 barrels, that is, the highest and lowest production levels. Although the document did not separate the […]