A Reuters survey revealed that the Organisation of the Petroleum Exporting Countries’ crude oil production decreased in April due to delays in Nigerian shipments and a halt in some of Iraq’s exports.
This drop in output from both countries, combined with strong adherence to the ongoing supply cut deal by the OPEC+ alliance, contributed to the decrease. The survey found that OPEC pumped 28.62 million barrels per day last month, a reduction of 190,000 bpd from March and down by over 1 million bpd from September.
The low output from Nigeria was due to oil theft by pipeline vandals, causing international oil companies to withdraw capital investments.
Experts suggest diversifying Nigeria’s economy to increase revenue. The Chairman of Shell Companies in Nigeria, Dr. Osagie Okubor, emphasized the need to fix oil and gas infrastructure security to prevent significant losses in oil revenue.