The International Energy Administration (IEA) expected Nigeria’s oil production to decline by 70,000 barrels per day (bpd) by 2021 to 1.85 million bpd due to reduction in investment in the country’s deepwater projects and oil theft and pipeline sabotage in the Niger Delta continues unabated.
The IEA, which made this disclosure in its energy outlook released recently, stated that African crude oil exports will fall by 600,000 bpd over the next six years as production from its biggest producers slips and rising regional refinery activity absorbs more domestic output.
Besides, crude oil prices have continued to rise as Brent increased by 2.42 per cent from the $35.1 to $35.97 per barrel during early trading hour yesterday.
West Texas Intermediate (WTI) also gained $0.97 per barrel to $33.75 a barrel.
On the New York Mercantile Exchange, Nigeria’s light sweet crude futures for delivery in April traded at $34.23 a barrel, up by $0.48 a barrel. Read more