While the combined oil output from the Organisation of the Petroleum Exporting Countries and its allies rose in June, Nigeria posted the heaviest drop in crude oil production as the country faced significant operational issues.

The group, known as OPEC+, added 540,000 barrels per day of crude in June to a market hungry for oil as summer kicked off, according to the latest S&P Global Platts survey.

Nigeria produced 1.48 million bpd in June, its lowest level since January, compared to 1.55 million bpd in May, the survey found.

Some of the country’s large oil fields, especially those in the Niger Delta like Bonny, Escravos, Brass River and Qua Iboe, were said to be pumping well below their full capacity due to either technical problems or maintenance.

OPEC’s 13 members pumped 26.19 million bpd in June, up 480,000 bpd from May, mostly due to Saudi Arabia’s continued unwinding of its voluntary extra production cut.

The group’s nine non-OPEC partners, led by Russia, produced 13.27 million bpd, a rise of 60,000 bpd from May.

Despite the production gains, higher quotas for the month meant OPEC+ compliance was at 110.16 per cent compared to 111.45 per cent in May, the survey found.

https://punchng.com/nigerias-oil-output-hits-five-month-low-at-1-48-million-bpd/

There is goin to be a terrible situation in the economy of nigeria future bcuz corruption in nigeria
inflation is gettin high
high cost of living,
low income,
poverty in the land,
insecurity
With all this what the nigeria politician are thinkin about is 2023 election

All we need now is the price to drop ?

[img]https://media1./images/50d089a0f9900949b83152346f77ee00/tenor.gif?itemid=21204532[/img]

Presidency will not like this news.
No other way to generate money.
They will soon go and borrow more money,