{"id":187701,"date":"2022-05-14T06:29:57","date_gmt":"2022-05-14T05:29:57","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=187701"},"modified":"2022-05-14T06:30:59","modified_gmt":"2022-05-14T05:30:59","slug":"world-bank-nigerias-oil-production-falls-over-poor-maintenance","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/05\/14\/world-bank-nigerias-oil-production-falls-over-poor-maintenance\/","title":{"rendered":"World Bank: Nigeria’s oil production falls over poor maintenance"},"content":{"rendered":"

The World Bank has disclosed that Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency.<\/p>\n

According to World Bank,\u00a0Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy.<\/p>\n

The Washington-based bank said this in a new report titled \u2018Migration and Development Brief titled \u2018A War in a Pandemic: Implications of the Ukraine crisis and COVID-19 on the global governance of migration and remittance flows.<\/p>\n

The report read in part, \u201cNigeria has not been able to benefit from higher oil prices to date as: oil production declined in 2021 due to lack of maintenance and loss of infrastructure<\/a> efficiency; and domestic petrol prices remain fixed\u2014increasing the cost of the \u2018Premium Motor Spirit\u2019 subsidy, a large and growing fiscal burden.\u201d<\/p>\n

In a different World Bank report, titled \u2018Global Flaring and Venting Regulations: 28 Case Studies from Around the World\u2019, it was disclosed that within almost a decade, oil production declined by 40 per cent in Nigeria.<\/p>\n

\u201cNigeria\u2019s oil production fell by nearly 40 per cent from 2012 to 2021. During this period, the flaring intensity barely changed. The volume of gas flared declined broadly in proportion to oil production, falling 25 per cent, from 9.6 bcm to 6.6 bcm. There were 166 individual flare sites in the last flare count, conducted in 2019,\u201d the report read.<\/p>\n

The PUNCH<\/em>\u00a0had reported that Nigeria has the largest shortfall among oil-producing countries as a result of sabotage within the oil production system and other factors, such as low investments and the pandemic, according to the World Bank.<\/p>\n

According to the bank, Nigeria has a shortfall of 500,000 barrels per day, while Angola and Russia both have a shortfall of 300,000 barrels per day.<\/p>\n

The bank said, \u201cAt present, the largest shortfalls are in Nigeria (0.5 mb\/d) and Angola and Russia (each 0.3 mb\/d). Production has been affected by a variety of temporary factors including maintenance (Kazakhstan and Libya), protests (Kazakhstan), sabotage (Nigeria), and bad weather (Iraq, Libya).\u201d<\/p>\n

Earlier in April 2022, it was reported that the OPEC raised Nigeria\u2019s oil production quota from the 1.735 million barrels per day target approved in April 2022 to a new target of 1.753 million barrels per day for May 2022.<\/p>\n

OPEC\u2019s increased oil production quota for Nigeria came as the Federal Government called for an inclusive energy transition that would be beneficial to not just Nigeria but to other countries in Africa.<\/p>\n

In April 2022, it was disclosed that Nigeria\u2019s crude oil production crashed by 744,000 barrels in March 2021, according to figures released by the OPEC.<\/p>\n

In OPEC Monthly Oil Market Report for April 2022, the organisation outlined the oil production volumes of its member nations and allies, as it revealed that the output from Nigeria dropped in March.<\/p>\n

An analysis of the document by our correspondent showed that Nigeria\u2019s oil production dropped from the 1.378 million barrels per day recorded in February 2021 to 1.354 million barrels per day in March, indicating a daily plunge of 24,000 barrels of crude oil.<\/p>\n

This implies that for the 31 days in March, the country\u2019s oil production dropped by a total of 744,000 barrels, despite the current financial crisis confronting the Nigerian economy.<\/p>\n","protected":false},"excerpt":{"rendered":"

The World Bank has disclosed that Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency. According to World Bank,\u00a0Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said this in a new report […]<\/p>\n","protected":false},"author":17,"featured_media":97854,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[37617,37618,303,37616,14998,4522],"class_list":["post-187701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-domestic-petrol-prices","tag-fuel-prices","tag-nigeria","tag-poor-maintenance","tag-refineries","tag-world-bank"],"yoast_head":"\nWorld Bank: Nigeria's oil production falls over poor maintenance<\/title>\n<meta name=\"description\" content=\"The World Bank has disclosed that Nigeria's oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency.\" \/>\n<meta name=\"robots\" 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