new monthly report of the Organization of the Petroleum Exporting Countries has shown a plunge in Nigeria’s crude oil production in December 2021, triggering a loss of about N74.51bn in oil earnings.
This means an average daily loss of 78,000 barrels was recorded in December, translating to a total loss of 2.42 million barrels in the month. At the official exchange rate of N415.45 to a dollar, it implies that the loss of 2.418 million barrels of crude oil in December reduced the country’s earnings by about N74.51bn.
This moved up to an average of 1.34 million bpd in Q2, but the momentum could not be sustained, as the country’s crude oil production dropped to 1.27 million bpd in Q3.
The most annoying thing is that Nigeria never gained from oil
Y'all been losing since inception. It's no news anymore.
Lost or embezzles ?😎
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