How Broke Nigeria Lost U.S.$10 Billion to Crude Oil Theft in Seven Months PremiumTimesng: Nigeria
Last week, the Group Managing Director of NNPCL, Mele Kyari, headlined the State House media briefing, expressing concern about the menace of oil theft undermining Nigeria's production and consequently fiscal capacity.
Between January and July, Africa's biggest oil producer lost an average of 437,000 barrels of oil a day to criminal entities and individuals who illicitly tap pipelines onshore and offshore in the Niger Delta region, a PREMIUM TIMES data analysis has shown. Nigerian production fell in the first seven months of the year to about 1.1 million barrels a day of crude equivalent in July from over 1.4 million barrels in January, according to data obtained from the Organisation of the Petroleum Exporting Countries .The Nigerian government has attributed its low output to large-scale theft of crude and related pipeline sabotage. This damage has reduced exports, forced some companies to shut down production and crippled the country's fiscal stability.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria to send more LNG to Europe by next winterNigeria will be able to send more liquefied natural gas (LNG) to Europe by next winter, Oil Minister Timipre Sylva said on Wednesday at the Gastech conference in Milan.
Read more »
Nigeria: OPEC Agrees On Oil Production CutOPEC had last month agreed to raise oil output by 100,000 barrels per day.
Read more »
DINNER PARTY INTEL: The truth hurts for Donald TrumpTrump’s Twitter replica, Truth Social, has lost about $6m in its first six months
Read more »
Business Maverick: Stock rebound in Asia tempered by a firm dollar: markets wrapAn Asian stock gauge rebounded on Thursday from the lowest level since 2020 but the move trailed a Wall Street rally as the dollar renewed its climb and crude oil edged higher.
Read more »
SA records current account deficit in second quarterSouth Africa’s current account balance dipped to a deficit of 1.3% of gross domestic product (GDP) in the second quarter from a surplus of 2.4% of GDP in the first quarter, central bank data showed on Thursday. Moneyweb GDP
Read more »