Based on International Energy Agency data, Nigeria’s oil production slipped to 1.72 million barrels per day in June, almost 45% below its total capacity, compared with 1.8 million bpd for Angola. Pius Utomi Ekpei/AFP/Getty Images From Financial Post:
Nigeria, Africa's longtime biggest oil producer, is a nasty mess. That mess could contribute to substantially higher crude oil prices once the global economy rebounds in earnest.
The collapse in crude oil prices over the past year, along with the steady decline in production in the Niger Delta, the country's main producing region, has strained Nigeria's foreign and government accounts and caused it to lose pole position among African oil producers. Oil and gas revenues account for more than 95% of the country's export earnings and most of the government's revenue.
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More News On Nigeria
Nigeria Violence Sparks New Concerns -- Wall Street Journal
In Nigeria, an Insurgency Leaves a Heavy Toll -- New York Times
Nigerian Groups Seek Probe of Killings by Security Forces -- Voice of America
Nigeria president orders probe of sect leader death -- Reuters
President orders probe into deadly uprising in northern Nigeria -- AFP
Is al-Qaeda working in Nigeria? -- BBC
Foreign Policy: Nigeria's Taliban Not The Problem -- NPR
My Comment: Nigeria is a country that is made up of dozens of different ethnic groups, different religions, and economic disparities that would make anyone's head spin. Is Nigeria a mess .... it definitely is. Can it get worse .... it appears that this is the direction in which it is taking.