All is not well in Nigeria’s oil industry as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that oil output dropped to an average of 1.24 million barrels per day (bpd) from 1.25 million recorded in February 2022. NUPRC stated this in its latest crude oil and condensate production data for March 2022. Vanguard learnt that the figure represents a 0.80 per cent decrease from the previous month, representing the lowest production capacity so far in the year. Nigeria is said to be producing below 1.4 million barrels per day in 2022, failing to meet its Organisation of Petroleum Exporting Countries (OPEC) quota of about 1.8 million bpd. The development is coming amid controversies surrounding the actual volume of oil that ended in the hands of illegal bunkers. The decline in oil output has also depleted revenue accrued to the federation account amid zero remittances from the Nigerian National […]