Despite concerted efforts to boost crude oil production since the third quarter of 2022, Nigeria incurred a substantial loss of $13.5 billion due to its failure to meet its Organization of Petroleum Exporting Countries (OPEC) quota between January and October 2023, as estimated by THISDAY.

Although the OPEC allocation for the year remained at 1.74 million barrels per day, equating to about 522 million barrels over the 10 months, Nigeria fell short by 150.4 million barrels, resulting in an output of 371.6 million barrels.
See more: https://naijatask.com.ng/nigeria-loses-estimated-13-5bn-to-oil-production-deficit-in-10-months/