Energy
0

Nigerian Oil Output Plunges to 20-Year Low

Nigerian Oil Output Plunges to 20-Year LowNigerian Oil Output Plunges to 20-Year Low

Nigeria is suffering a worsening bout of oil disruption that has pushed production to the lowest in 20 years, as attacks against facilities in the energy-rich but impoverished nation increase in number and audacity. Chevron Corp. shut down about 90,000 barrels a day of output following an attack on a joint-venture offshore platform that serves as a gathering point for production from several fields. Even before that strike on Wednesday night, Nigerian oil production had fallen below 1.7 million barrels a day for the first time since 1994, according to data compiled by Bloomberg. “This is some very, very sophisticated brazen attack,” said Dolapo Oni, the Lagos-based head of energy research at Ecobank Transnational Inc. The fresh round of attacks comes after Nigerian President Muhammadu Buhari vowed to stamp out corruption and oil theft. These are part of a campaign waged by the self-proclaimed Movement for the Emancipation of the Niger Delta between 2006 and 2009, which cost the Nigerian government billions of dollars of lost oil revenue.

 

Financialtribune.com