Nigerian oil industry loses almost 1 billion bpd after the attacks

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Nigeria’s oil industry loses 900,000 barrels daily after the militant attack, the Oilprice.com says citing said Petroleum Minister Ibe Kachikwu’s interview to CNN. He explained that the government is now conducting negotiations with the militant groups who are responsible for the attacks in the Niger Delta and hopes to come to an agreement with the rivals in the nearest couple of months to settle the situation in the country.

“We are producing some 1.5 million barrels per day and would need on average 900,000 barrels per day to catch up on what we have lost. If we can achieve peace, this will be feasible,” the minister said.

Industry analysts believe that the position of the Nigerian government contradicts the plans of OPEC members who are going to meet informally next month in Algeria. The minister doubts whether such a plan will be successful reminding the failure of Russia’s attempt to put a cap on oil production at the negotiations in Doha.