MassiveIndustry

(Fri, 06 May 2016) Nigeria is the largest oil producer in Africa and is among the world?s top five largest exporters of liquefied natural gas (LNG). Supply disruptions, typically caused by pipeline sabotage from thieves siphoning crude oil and condensate, are common in Nigeria?s oil and natural gas industries. Pipeline sabotage and oil supply disruptions have increased in 2016, leading to a decline in Nigeria?s crude oil production. Because Nigeria heavily depends on oil revenue, its economy is noticeably affected by changes to its oil production and/or to global crude oil prices. The IMF projects that Nigeria?s oil and natural gas exports earned $52 billion in 2015, $35 billion less than in 2014, which is mostly attributed to the fall in oil prices that began in mid-2014.