Oil production and consumption
Crude Oil Production- 2.525 million bbl/day
Oil Consumption- 279,000 bbl/day
From the information I discovered I have found out that Nigeria does produce an abundance of crude oil, but what is happening with it? Both sites concur that there is government and Niger Delta instability which puts a hold on and constrains the production and selling of the crude oil. The U.S. has imported for the last nine years about nine to eleven percent of Nigeria's oil, but as of 2012 that number dropped to five percent. Recently in Nigeria, since 2008, there has been economic reform. There has been growth in non oil sectors and improvements being made within modernizing the banking system, removing subsidies, and resolving payment issues within the oil industry. Alongside those obstacles, Nigerian government works to develop stronger public-private partnerships for roads, agriculture, and energy. Little oil consumption happens in Nigeria, which is odd because they have a high population.
Why is there little oil consumption happening? What major problems are happening in the Niger Delta?
Oil Consumption- 279,000 bbl/day
From the information I discovered I have found out that Nigeria does produce an abundance of crude oil, but what is happening with it? Both sites concur that there is government and Niger Delta instability which puts a hold on and constrains the production and selling of the crude oil. The U.S. has imported for the last nine years about nine to eleven percent of Nigeria's oil, but as of 2012 that number dropped to five percent. Recently in Nigeria, since 2008, there has been economic reform. There has been growth in non oil sectors and improvements being made within modernizing the banking system, removing subsidies, and resolving payment issues within the oil industry. Alongside those obstacles, Nigerian government works to develop stronger public-private partnerships for roads, agriculture, and energy. Little oil consumption happens in Nigeria, which is odd because they have a high population.
Why is there little oil consumption happening? What major problems are happening in the Niger Delta?