Nigeria’s Oil Output Is 1 Million Bpd Lower Than Its Capacity ...Middle East

Nigeria is producing 1 million barrels daily less than it can produce, local media reported today, citing the country’s federal government. The government cited a lack of investments, a shortage of funding sources because of the energy transition, and insecurity among the factors driving the situation. The Nigerian Upstream Petroleum Regulatory Commission served the warning, with its chief executive noting that the challenges the industry was facing “range from insecurity, low investment, and de-prioritisation of funding of hydrocarbon…

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