Nigeria’s oil sector challenges appear to be worsening, with production hitting a record low of 972,394 barrels per day in August, according to data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday. The development marked a new nadir in the over a year-long downward spiral in Nigeria’s capacity to drill enough oil to boost its desperately needed foreign exchange even at a time the commodity has continued to hover around a rarely seen price of $100. Available information from, a reservoir of global industry information showed that the last time Nigeria produced that low quantity of oil was in 1983, roughly 40 years ago, when 675,000 barrels were drilled on the average. According to the statistics on the Nigerian oil sector, crude oil production averaged 1.851.62 million barrels per day from 1973, hitting an all-time high of 2.475 million barrels per day in November 2005. The […]