Nigeria Produces Less Crude Oil Than It Pumped – OPEC

Nigeria produced less crude oil than pumped in respect to 80’s and 90’s according to data released by OPEC, This report was released in the Annual Statistical Bulletin (ASB).

According to reports from OPEC between 1980 to 1986 Nigeria produces 1.3 million barrels of crude per day with a population of roughly 213.40 million people.

Analysis showed that Nigeria’s production allocation has barely been met. The allocation of 1.579 million barrels per day is the stated production target. Thus, with break in production process a deficit of 114,000  barrels per day are left unproduced.

The world bank population statistic for 1990 was estimated to 118 million in the year 1990. In this period production was between 1.4 million barrels per day to 1.75 million barrels.

Since 2019 the production figures in respect to crude oil has been declining. Data suggests that Nigeria’s production fell to 1.7 million barrels in 2019 and 2020 while 2021 figures shows a slight increase to 1.579 million in July.

In previous years such as 1989 production was valued at 1.501 million barrels , while in 1990 it increased to 1.6 million barrels, it was 1.840 million barrels in 1991 and 1.751 million barrels in 1992.

Reports suggests that export of petroleum products was null irrespective of an estimated $27 billion in 2020 for petroleum exports.

In addition, OPEC data stated that Nigeria’s total export value decreased by almost half in 2020, down to $37.984 billion from $67.481 billion in 2019.

In the report released by OPEC Nigeria’s oil reserve dropped by over 543 billion barrel compared from year 2016 to 2020, It was 37.453 billion barrels and 2018 then dropped to 36.972 billion barrels and 36.890 billion barrels in 2019.

Number of oil rigs in Nigeria increased from 76 to 81 in 2020 . In respect to  daily crude oil production, in 2020, it was 1.486 million barrels per day, The contribution of crude oil to nigeria Gross Domestic Product has also been falling steadily, dropping to  a low of 10 per cent on the average in the last number of years.