In an apparent reflection of the measures taken to achieve stability in the global market by the Organisation of Petroleum Exporting Countries, OPEC, pipeline vandalism and oil theft in the Niger-Delta, Nigeria’s oil production has fallen by 30 per cent in the last four years to 1.423 million barrels per day, mb/d in 2020 from 2.041 million barrels per day, mb/d in 2017. The figure excludes 2020 condensate production, according to the data obtained by Vanguard Energy from OPEC’s monthly market reports between 2017 and 2020. Year-on-year, YoY, the nation’s output declined by 19.3 per cent to 1.648 mb/d in 2018 from 2.041 mb/d in 2017. The production level, however, rose by 6.6 per cent to 1.765 mb/d in 2019 from 2018 figure before declining again by 19 per cent to 1.423 mb/d in 2020. Impact This steady or consistent drop in output constitutes a serious threat to the […]