How oil output decline, troubled deepwater operations drove Nigeria into recession

Oladehinde Oladipo Nov 24, 2020

Africa’s biggest crude oil producer failed to fully comply with the initial cuts of 1.4 million bpd when the cartel cut production by 9.7 million barrels a day to shore up prices amid the pandemic-induced unprecedented price crash.

A mishmash of deeper production cuts by the Organisation of Petroleum Exporting Countries’ (OPEC), troubled deepwater operations marked by shut down of oil wells due to huge production costs amidst low oil prices, uncertainty created by lack of reforms have plunged Nigeria’s oil production to a four-year low of 1.6mpd in third quarter of 2020,…

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