Country Risk

Opec Targets, High Oil Price Benefits, Elude Nigeria

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Nigeria should be capitalizing on high oil prices and exploiting gaps in the market as some buyers turn away from Russian Urals. But its oil sector appears trapped in a vicious circle that is leaving it further and further short of its Opec-plus target — a problem likely to worsen as the country heads for elections in February 2023. Faced with falling production, rising crude theft, exiting international oil companies (IOCs) and failing local firms trying to sell, the sector’s future looks bleak.

Security Risk , Opec/Opec-Plus, Offshore Oil and Gas
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