The Organization of Petroleum Exporting Countries (OPEC) has said that Nigeria’s crude oil production fell to a low of 1.57 million barrels per day.
The group said the oil output fell from 1.66 million barrels per day.
According to them, “Nigeria is more sensitive about production than price. A lower oil output would affect the actualization of budgeted revenue projections as oil revenue accounts for 31.35 per cent of the total revenue projected”’
The fall was due to declines in nine of its members, led by Saudi Arabia.