Nigeria’s crude oil export earnings slumped to $12.1 billion in Q2, 2024 as against $12.4 billion in the preceding Q1, reflecting the decline in domestic crude oil production to 1.27 million barrels per day in Q2, 2024 from 1.33 million bpd previously.
Data from the Economic Report for the period released by the Central Bank of Nigeria (CBN), obtained by THISDAY, also showed that Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) crude oil production deficit recorded a deficit of 308,000 bpd.
The country has struggled for years to meet its OPEC quota, which was last year slashed to 1.58 million bpd by the international oil cartel, after Nigeria consistently failed to fulfil its pledge to drill more oil.
Nigeria blames unprecedented levels of oil theft, waning investment made worse by the energy transition, vandalism, outright sabotage by local oil producing communities, among others, for its inability to significantly raise output.
Domestic crude oil production declined in Q2, 2024, attributed to persistent oil theft and illegal refining activities in the Niger Delta region.
