{"id":91076,"date":"2022-01-23T15:46:35","date_gmt":"2022-01-23T14:46:35","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=91076"},"modified":"2022-01-23T15:46:35","modified_gmt":"2022-01-23T14:46:35","slug":"nigeria-loses-n74-51bn-oil-revenue-in-december-says-opec","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigeria-loses-n74-51bn-oil-revenue-in-december-says-opec\/","title":{"rendered":"Nigeria Loses\u00a0 N74.51bn Oil Revenue In December, Says OPEC"},"content":{"rendered":"<div id=\"m#msg-f:1722755148541385182\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">A new monthly report of the Organization of the Petroleum Exporting Countries has shown a plunge in Nigeria\u2019s crude oil production in December 2021, triggering a loss of about N74.51bn in oil earnings.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div id=\"m_-2964707287966331438yMail_cursorElementTracker_1642944973904\">\nAccording to OPEC data, Nigeria produced an average of 1.19 million barrels per day in December, down from 1.26 million bpd in November, based on direct communication.<\/p>\n<p>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.<\/p>\n<p>In December, the average price of Brent, the international benchmark against which Nigeria\u2019s oil is priced, was $74.17 per barrel, according to figures from\u00a0<a href=\"http:\/\/countryeconomy.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/countryeconomy.com&amp;source=gmail&amp;ust=1643033744788000&amp;usg=AOvVaw38cQ0epmxdxxjSuP5Sz2Jh\">countryeconomy.com<\/a>.<\/p>\n<p>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\u2019s earnings by about N74.51bn.<\/p>\n<p>Further analysis of OPEC\u2019s latest report indicated that in the first quarter of 2021, Nigeria\u2019s oil production stood at an average of 1.312 million bpd.<\/p>\n<p>This moved up to an average of 1.34 million bpd in Q2, but the momentum could not be sustained, as the country\u2019s crude oil production dropped to 1.27 million bpd in Q3.<\/p>\n<p>OPEC said the plunge in oil production in the West African nation persisted in the fourth quarter of last year, dropping to an average of 1.233 million barrels daily in the last quarter.<\/p>\n<p>Aside from the menace of pipeline vandalism in the Niger Delta, the continued oil production plunge in the last quarter of 2021 might not be unconnected to the oil leak recorded in Santa Barbara, Nembe, Bayelsa State.<\/p>\n<p>In November, the Federal Government announced that it was investigating the cause of the oil spill in Santa Barbara which occurred in a facility operated by Aiteo.<\/p>\n<p>The government had disclosed this through its Nigerian Upstream Petroleum Regulatory Commission.<\/p>\n<p>Before the leak was plugged, Aiteo Eastern Exploration and Production Company had earlier announced that high-pressure effusion prevented its personnel from plugging the wellhead leak around the OML 29 southern oilfield.<\/p>\n<p>The affected facility discharged high volumes of crude into the marine environment for several weeks after the spill occurred on November 5, 2021. Aiteo had reported five days later that the magnitude of the incident was of \u201can extremely high order.\u201d<\/p>\n<p>Crude oil revenue losses in Nigeria have lingered due to various challenges in the sector despite efforts to curb them by the government and its agencies.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>A new monthly report of the Organization of the Petroleum Exporting Countries has shown a plunge in Nigeria\u2019s crude oil production in December 2021, triggering a loss of about N74.51bn&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":90911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-91076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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