One Reason Gas Is Emptying Your Wallet: Nigeria

The attack also showed that Nigeria’s vast reserves of oil are being held hostage by a conflict that at best is little understood in the West. It is a three-way struggle, involving a government charged with negligence and corruption, oil companies blamed for terrible environmental damage that afflicts the region and an impoverished people.

As the damage has mounted and some companies have closed down operations, Nigeria’s oil production has slipped to 1.8 million barrels per day, which is far below its production capacity of about 2.8 million barrels. .

One million barrels of missing oil each day is costly for Nigeria and for the rest of the world when the market is so tight.

New York Times