Sep 17, 2013
Oil exports in Nigeria, Africa’s largest crude producer, declined at a slower pace in the second quarter compared with the previous three months, the statistics agency said.
Crude shipments fell 11 percent to 2.7 trillion naira ($16.6 billion) last quarter, after dropping 26 percent in the first three months of the year, National Bureau of Statistics said in an e-mailed report.
Oil theft has hampered output in a nation that depends on crude exports for 80 percent of government revenue and more than 90 percent of foreign-currency income. Authorities say more than 400,000 barrels of oil are stolen every day.
Crude production fell to 1.81 million barrels a day in March, the lowest since September 2009, according to data compiled by Bloomberg. Oil theft in the Niger River delta cost the country $1.23 billion in the first quarter and caused production to decline to an average 2.2 million barrels a day in the period, according to figures released by state-owned Nigerian National Petroleum Corp. on April 17. The government’s budget is based on an oil production forecast of 2.53 million barrels a day.
Nigeria’s total trade surplus widened to 2.1 trillion naira in the second quarter from 1.8 trillion in the previous three months as non-oil exports increased and imports declined, the statistics office said.
Information from Bloomberg was used in this report.