September 15, 2025/CSL Research

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that crude oil losses from theft and metering issues have fallen to their lowest level in 16 years. As of July, losses averaged 9,600 barrels per day (bpd), the sharpest improvement in recent years and the lowest figure since 8,500 bpd was recorded in 2009.

This marks significant progress for the oil sector, which has long struggled with theft and related challenges that have reduced revenues and hindered production targets. The oil regulator attributed the sharp decline in losses to structural reforms driven by the implementation of the Petroleum Industry Act (PIA) of 2021, which helped reduce crude theft from around 102,900bpd in 2021 to 57,200bpd in 2022, 11,900bpd in 2023, and 11,300bpd in 2024.

Click here to download full report: ​​​​CSL Nigeria Daily – 15 September 2025 – Oil.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​