Between the period in review – March 2022 to March 2023, the average price of Brent crude was pegged at about $83 per barrel thus translating to a loss of about ₦2.3 trillion worth of crude oil.
Oil theft, for years, has been the bane of the Nigerian oil industry as the country has had a repeated woeful outing as long as oil production is concerned.
Nigeria has also struggled to meet up with the production quota set by the Organisation of Petroleum Exporting Countries, (OPEC) due to oil theft-related difficulties most of the IOCs experience during operations.
