Despite efforts by the Organization of Petroleum Exporting Countries to stabilize the price of the commodity, Brent, the world’s benchmark for petroleum, saw a price decline on Sunday, as did nearly other oil grades.
When compared to the number of operational rigs in July 2022, data from the September 2022 Oil Market Report of OPEC showed that an oil rig in Nigeria was idle in August 2022. This occurred as oil prices fell.
According to industry data seen in Abuja on Sunday, Brent’s price fell by $4.31, or 4.76 percent, to $86.15 per barrel as of 4.18 p.m. Nigerian time.
The average number of operational oil rigs in Nigeria was estimated to be eight and ten in the first and second quarters of 2022, respectively.
According to OPEC’s data, the number of operational drilling rigs rose to 11 in July of this year, but this boost was short-lived because it fell back to 10 in August.
The rising rate of crude oil theft was a major factor in the dormancy or halt in the activities of Nigeria’s oil rigs.
The Federal Government, oil unions, the military, and other interested parties have all stated their worries about this on several occasions.
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