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Nigeria said it lost as much as $100 billion in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low.
Production fell by one million barrels a day (bpd) to 1.2 million bpd at the peak of the attacks, Minister of State, Petroleum Resources, Emmanuel  Kachikwu, said yesterday in a video-clip on his Facebook page.
Last year, Nigeria suffered its first full-year recession since 1991 as a resurgence of armed conflict in the Niger Delta, combined with lower oil prices, blighted the economy.
While recent peace efforts have curbed the frequency of attacks on oil infrastructure, the West African nation has struggled to boost output as one of its largest export terminals remains closed. 



“We continue to engage,” Kachikwu said, referring to peace talks between the government and local leaders from the Niger Delta. “It is a difficult undertaking to try to embark on trying to resolve it once and for all, but we’re very bullish about this.”
Meanwhile, oil prices yesterday declined as the Organisation of Petroleum Exporting Countries (OPEC’s) supply cuts are tempered by a revival of shale drilling in the U.S..
Futures slid 1.7 per cent in New York, the biggest drop in more than three weeks. Saudi Arabia told OPEC it cut oil production by the most in eight years, while Kuwaiti Oil Minister Essam Al-Marzooq said the organisation as a whole has delivered 92 percent of the output curbs it pledged. Meanwhile, U.S. oil drillers increased the rig count to the highest since October 2015, and the Energy Information Administration (EIA) sees U.S. shale-oil output jumping next month to the highest level since May last year.

Oil has fluctuated above $50 a barrel since the OPEC and 11 other nations started trimming supply from Jan. 1 to help ease a global glut. The market will shift into a deficit during the first half of the year, and U.S. crude stockpiles will shrink amid a decline in imports as the curbs take effect, Goldman Sachs Group Inc. said last week.

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