Nigeria’s oil production fell by 14.56 million barrels in the second quarter, latest reports have indicated.
According to trending statistics on the nation’s global oil supply to the global market, totalling 160,000 b/d during the quarter was attributed to the 1.84 million b/d production average in the second quarter, a 3.95 percent decline between April and June.
This is even as analysts observed that the decline from a 2 million b/d average in the first quarter of the year also reduced the country’s economic growth to 1.50 percent year-on-year between April and June.
Indications that the performance of the nation’s oil production outlook may not be brighter in the third quarter could be inferred from threats by militant groups to resume disruption of oil production in the Niger Delta if the federal government fails to restructure the country in recent weeks.
The militants, acting under the auspices of the Coalition of Niger Delta Agitators, had said that new actions would be initiated if the country remained the way it is.
It would be recalled that Nigeria Nigeria lost hundreds of thousands of barrels of oil production each day in 2016, following a series of militant attacks on oil facilities.
