By Jemimah Wellington, JKNewsMedia Reporter
NIGERIA IS grappling with a steady drop in oil production.
The latest figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicate that the country’s oil output, including condensates, fell to 1.544 million barrels per day (bpd) in September 2024.
This reportedly marks a decline from 1.570 million bpd recorded in August, representing a 1.7% month-on-month drop.
This decrease signals persistent challenges in the oil sector.
Factors like operational disruptions, maintenance issues, and underinvestment continue to hamper Nigeria’s ability to meet production targets.
The country, a key member of OPEC, has been struggling to maintain consistent output in recent years.
While the global oil market watches closely, Nigeria’s oil sector, which is a critical part of its economy, faces an uphill battle in stabilizing production levels amidst various operational and logistical hurdles.
The ongoing decline could further impact revenues and economic growth.
… Details to follow …
