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While in the past it used to transport the most oil to the United States, now Nigerian oil goes mostly to Asia, Europe, and South America. For many, stealing crude oil from the pipelines and processing it at one of the many illegal refineries in the region is a means of earning a living. million BPD as of November 2019.
While the price-per-barrel of oil has recovered since the staggering lows of 2016, its down again from earlier 2019 highs, and may not reach $100/barrel any time soon. Producers, wellhead service companies, refineries, shipping companies, and many other players are all part of the overall industry.
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