Crude oil exports out of Nigeria plunged to below 1 million barrels per day (bpd), their lowest level on record, last month, oil export analytics firm Petro-Logistics said on Monday. Over the past three years, Nigeria’s crude oil exports have essentially halved, according to Petro-Logistics. Persistent underinvestment in the Nigerian oil industry and the perennial problem of oil theft from pipelines have plagued the sector in recent years. Oil majors are not investing in Nigerian supply, and many foreign firms have either sold…
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