Oil Production in Nigeria Fell by 12% in July
In July, crude oil production in the African country fell by 12.56% to 1.29 million b/d (in June it was 1.48 million b/d).
Business Day, citing data from the Nigerian Oil Regulatory Commission, says that one of the main reasons for the decline is the temporary closure of the Forcados terminal (operated by Shell). The terminal was closed in mid-July due to suspicions of a leak.
Typically, the facility is loaded with about 220,000 b/d every day, but since July 12, workers in the area have seen smoke near the vessel that was loaded with crude oil. Repair work at the terminal will be completed only at the end of this week.
This year, the Oil Production Regulatory Commission already said that the country produces 1 million b/d less than its maximum technical capacity (2.5 million b/d). Not only theft and gang attacks play a big role, but also serious underinvestment.
