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2025-09-12 21:01:11
Nigeria's oil production hits a 16-year low. Can it escape this "bleeding" dilemma? ⑴ Data released by the Nigerian Petroleum Regulatory Commission (NUPRC) shows that as of July, the country's crude oil losses had fallen to 9,600 barrels per day, the lowest level since 2009. ⑵ This figure is a significant decline from the 2021 peak of 102,900 barrels per day, the highest level in more than two decades. ⑶ The NUPRC attributed this significant improvement to close collaboration with security agencies, private contractors, and local communities, as well as the implementation of regulatory reforms such as metering audits. ⑷ As Africa's largest oil producer, Nigeria has long been plagued by oil theft, pipeline vandalism, and aging infrastructure, which have severely eroded government revenue and hindered foreign investment in the sector. ⑸ The 2021 oil legislation, aimed at reshaping the regulatory framework, improving transparency, and attracting capital to upstream and midstream operations, is believed to help strengthen law enforcement and protect infrastructure. ⑹ In July, Nigeria's average daily production was 1.71 million barrels, including 1.507 million barrels of crude oil and 204,864 barrels of condensate. ⑺ In addition, the Nigeria Midstream and Downstream Gas Infrastructure Fund has reached a preliminary agreement with the African Export-Import Bank for $500 million in gas infrastructure investment over the next four years. ⑻ After eliminating popular but costly gasoline subsidies, Nigeria is turning to natural gas as an alternative fuel, a move that has pushed up retail gasoline prices and sparked dissatisfaction among drivers and businesses that rely on gasoline for power generation.
