Security Crisis Pushes Nigerian Oil Producers to the Brink, Surviving on $7 per Barrel

Story: Written by Myra February 18,1026
Oil-producing companies in Nigeria are struggling to stay afloat as rising insecurity continues to erode profits across the sector. Industry sources say some operators now earn as little as $7 per barrel, a sharp drop blamed on crude theft, pipeline vandalism, and escalating security costs.
The persistent unrest—especially around key production corridors—has forced firms to spend heavily on surveillance, repairs, and shutdowns, cutting deeply into margins. Despite steady global oil prices, local challenges have made operations increasingly unviable, pushing some producers to scale back output or delay investments.
Experts warn that without decisive action to curb sabotage and protect infrastructure, Nigeria’s oil revenues could face further decline, with broader implications for government earnings and economic stability