The Federal Government on Thursday revealed that the country’s crude oil production had dropped by 29 percent, as against the nation’s 2016 budget target of 2.2 million barrels per day, an indication that Nigeria’s current economic crisis might still linger for a longer time.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who disclosed this at the national conference of the National Association of Energy Correspondents (NAEC), with the theme, ‘Low Oil Price: Challenges and the Way Forward’, stated that the nation’s actual crude oil production was at 1.56 million barrels per day, about 700,000 barrels per day below the budget’s target production.