Out of the 1.772 million barrels per day crude oil allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC) in June, Nigeria was only able to produce 1.158 million bpd, the latest Monthly Oil Market Report (MOMR) by the organisation has indicated. At a conservative average price of $110 per barrel for the month, a THISDAY analysis showed that Nigeria’s daily underperformance pegged against the OPEC quota yielded a whopping 614,000 bpd and 19.034 million barrels’ deficit for the month. A further breakdown revealed that valued against the daily oil price for the period, Nigeria may have lost as much as $2,093,740,000 due to its inability to, for months, increase the country’s production level. For a country with huge foreign exchange shortages, if the loss had been plugged it would have for a start helped cash-strapped federating units (states and local governments) embark on major projects. […]