Nigeria has failed to capitalise on an oil price boom that has helped cushion other exporters from the impact of inflation, with millions more Nigerians now facing poverty. Data from Nigeria's state oil company NNPC shows that it did not contribute anything to state coffers in the first eight months of 2022, despite crude prices averaging $94 a barrel so far this year, a rise of 42% from last year. At the heart of Nigeria's problem is that despite being Africa's biggest oil and gas producer, the country depends almost entirely on imports to cover its gasoline needs.
LONDON (Reuters) -Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67. Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters.
One of the world’s most mature deepwater basins, the U.S. Gulf of Mexico, has a lot of production life left and could help bridge the oil supply gap