Nigeria lost 500 000 bpd oil output due to floods

ABUJA – Nigeria lost around 500 000 barrels per day (bpd) of oil production due to severe flooding in recent weeks, but output is now back to normal, an oil industry regulator said yesterday.

Nigeria’s oil is exported to the United States, Asia and Europe and supply disruptions can affect world prices because it is priced against the Brent oil benchmark.

Africa’s biggest oil producer has experienced its worst flooding in five decades this year.

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