A further analysis of the report indicated that the country pumped an average of 1.144mbpd in the second quarter of 2023, which was lower than the 1.277mbpd output recorded in the preceding quarter.
The President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, had told our correspondent that the drop in oil output posed a dangerous sign. “So if the volume of reduction is this frightening, then it is something that calls for urgent investigation. It portends an economic downturn that could be drastic if the situation continues. However, I believe that with all of these new oil discoveries in Nasarawa and Bauchi, and production commencing, there may be a positive change.”
He said oil theft was not only stopping Nigeria from meeting its production quota as approved by OPEC, but was denying the country a lot of dollars required for the imports of goods.