July 04, 2022 15:21 GMT
Nigeria’s Q1 crude theft losses amounted to $1 billion in revenue according to the Upstream Petroleum Regulatory Commission.
- Of the 141 million barrels of oil produced in the first quarter of 2022, only about 132 million barrels of oil were received at export terminals.
- Crude oil theft has increased to a daily average of 108,000 barrels in the first quarter of 2022 from 103,000 barrels in 2021.
- Nigeria's oil minister Timipre Sylva said last week he expected to see some improvement in security in the sector, enabling Nigeria to meet its OPEC production quota by the end of August.