Nigeria’s oil exports decline 11% second quarter

by Editor

September 17, 2013 | 11:18 am
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Oil exports in Nigeria declined at a slower pace in the second quarter compared with the previous three months, National Bureau of Statistics (NBS) said.

Crude shipments fell 11 percent to N2.7 trillion ($16.6 billion) last quarter, after dropping 26 percent in the first three months of the year, NBS said in an e-mailed report to Bloomberg.

Oil theft has hampered output in a nation that depends on crude exports for 80 percent of government revenue and more than 90 percent of foreign-currency income. Authorities say more than 400,000 barrels of oil are stolen every day.

Crude production fell to 1.81 million barrels a day in March, the lowest since September 2009, according to data compiled by Bloomberg. Oil theft in the Niger Delta cost the country $1.23 billion in the first quarter and caused production to decline to an average 2.2 million barrels a day in the period, according to figures released by the Nigerian National Petroleum Corporation (NNPC) on April 17. The government’s budget is based on an oil production forecast of 2.53 million barrels a day.

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by Editor

September 17, 2013 | 11:18 am
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