Post #44

🇳🇬 Nigeria Boosts Oil (Though Modestly) Nigeria has reportedly increased daily oil production to 1.7-1.83 million barrels and the number of active drilling rigs from 31 in January to 50 by July 2025. ❓The reforms are attributed to the Nigerian Upstream Petroleum Regulatory Comission's (NUPRC) "Drill or Drop" and "One Million Barrels Per Day" initiatives. However, launched in October 2024, "One Million Barrels Per Day" originally meant the increase in production by 1 million barrels per day by October 2026. So far it increased from 1.6 a year ago to 1.83. It's unclear whether Nigeria will eventually meet its ambitious goal, and whether it is worth at all given the persistent surplus on crude oil market. Devils Below