Despite the gradual lifting of OPEC quotas, Nigeria has struggled for several months to increase production back up. While the country has a production capacity of over 2 million barrels of oil per day (bopd), oil output stood at 1.3m bopd last year according to government data. As oil prices enter a new supercycle, Nigeria’s production underperformance coupled with continued imports of finished petroleum products expose it to several macroeconomic risks.
Since the start of the year, for instance, the country’s petrol subsidies…Nigeria Looks To Its Shallow Water Oil Fields To Boost Production
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