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Oil price falls to $86/barrel

Brent, the global crude benchmark, fell in price on Sunday, as virtually all oil grades saw lower prices on the first day of the week, despite efforts by the Organization of Petroleum Exporting Countries to stabilize the commodity’s price.Infomation Guide Nigeria

As oil prices fell, data from OPEC’s September 2022 Oil Market Report revealed that an oil rig in Nigeria was dormant in August 2022, compared to the number of operational rigs the previous month.Jamb Result

According to industry figures seen in Abuja on Sunday, Brent fell by $4.31, or 4.76 percent, to $86.15 per barrel as of 4.18pm Nigerian time.

The number of operational rigs in Nigeria decreased from 11 in July to 10 in August, according to data from OPEC’s World Rig Count.

According to the organization, the average number of operational oil rigs in Nigeria in 2019 was 16, but this fell to 11 in 2020 before dropping to seven in 2021.

The average number of operational oil rigs in Nigeria was eight and ten in the first and second quarters of 2022, respectively.

According to OPEC data, the number of operational rigs increased to 11 in July this year, but this was not sustained, as it dropped to 10 in August.

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PENGASSAN also stated that the military should be forced to explain how massive amounts of oil were stolen from the Niger Delta despite their personnel protecting oil installations.

Chief Ukadike Chinedu, National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, told our correspondent that while there may be some inconsistencies in oil theft data, the volume of crude stolen from the country was massive.

He said, On the quantity of oil being stolen from Nigeria, the various figures you see are all estimated figures. There is no accurate gauge to measure the volumes of crude oil being stolen in this country, because we don’t have a standard measuring system.

“But because of the recent incident of a vessel that was intercepted for allegedly trying to steal crude oil from Nigeria, we think that a measurable quantity of our crude oil is not accounted for.

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He added, “I also know that Nigeria is losing a lot of revenue from this oil theft and stakeholders are not happy with the way the cartel who are involved are handling the matter.

“It is, therefore, pertinent that the Federal Government should come out with a standard measuring instrument that will give the exact number of daily production, export consumption and the amount being reserved, as well as what we channel for local use.”

PENGASSAN recently held protests in Abuja, Lagos, Kaduna, and Warri, among other places, to protest the ongoing theft of crude oil in Nigeria.

In addition, Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiatives, stated in an interview that the oil sector’s 2021 audit report would be ready this year to determine the level of oil theft across the country.

“We want to establish the quantity of crude that is produced, how much of that can be accounted for and how much was stolen,” he stated.

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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