Theft Behind Nigeria Crude Oil Export 4-Year Low

Theft Behind Nigeria Crude Oil Export 4-Year Low

From Premium Times

Nigeria’s oil exports will fall to a four-year low as a result of crude oil theft and resultant facility closures by some oil companies, news agency Reuters is reporting.

Quoting the shipping lists it saw Tuesday, the agency says Nigeria will now export 1.76 million barrels per day, the lowest since August 2009.

Analysts say the new figure has taken the country back to the export levels last seen during the height of militancy in the Niger Delta.

They say the development is even more significant on the national financing gap, which implies there will be more drawings on reserves for augmentation.

“This is not good especially when we have an impending battle to manage the FPI (Foreign Portfolio Investment) flows later this year,” an expert with one of Nigeria’s biggest banks told PREMIUM TIMES Wednesday morning.

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