Nigeria Loses $1,000 per Barrel of Crude Oil It Exports

Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigerian media quoted energy policy expert Henry Adigun as saying at a conference. This loss is no longer sustainable, Adigun said. The Nigerian federal government is supporting local refineries, but the regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), is not empowered in its statutes to support a monopoly of fuel supply and distribution, the local newspaper The Sun quoted Adigun as saying. Nigeria…