Nigeria Misses OPEC Oil Target
Despite soaring prices, Nigeria is struggling to meet its OPEC production quota due to underinvestment and security issues [https://www.youtube.com/watch?v=RJRT0Zwz5Es].
Nigeria's oil production averaged 1.25 million barrels per day in 2023, significantly below its 1.74 million bpd OPEC quota. This shortfall cost the country billions in potential revenue. Underinvestment in oil infrastructure is a major culprit, deterring international oil companies. Militant activity and crude oil theft in the Niger Delta region exacerbate the problem. The Nigerian government has struggled to combat oil theft, which further reduces production. Some international companies are divesting from Nigerian oil assets due to these challenges.
