Nigeria has dropped seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list. This was revealed by the organisation’s Monthly Oil Market Report for November, which examined oil production performance in October.
In October, Nigeria’s output was a mere 1.014 million barrels per day , coming seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria.
The likes of Gabon, Libya and Iran did not produce a barrel in the month.
Nigeria used to rank fifth, with countries such as Angola and Algeria behind it in terms of crude oil production.
West Africa’s largest economy has been through a rough path as its crude oil production is bedevilled by theft and pipeline vandalism.
According to report,
the country lost N415bn to the shutdown of nine crude oil terminals within the space of two months.
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