VIENNA - Nigeria is facing a record reduction in oil production, oil cartel OPEC reports, dropping from the first largest producer in Africa to the fourth, behind Angola, Algeria and Libya.
The Organization of Petroleum Exporting Countries (OPEC) monthly oil market report for August showed that Nigeria's production stood at 980,000 barrels a day, a decline of more than 100,000 barrels per day compared to July. The figure was about 50% of OPEC's target for the west African nation in August.
For decades, Nigeria has been Africa's largest oil producer. But in recent years, theft and sabotage at production sites have hampered output.
Petroleum authorities say more than 200,000 barrels are lost daily as a result, and that the trend is costing the country millions of dollars in revenue.
Oil was once Nigeria's biggest earner and contributor to national GDP, but the latest data shows information and communications technology and trade contributed more during the second quarter this year.