The Crisis Of Nigeria, Azerbaijan, Sudan, And Lebanon Essay

Many nations around the world refine oil. Based on the number of barrels refined during the first three months of 2016, the countries that refined the most oil were: Russia (10.5 million BPD), Saudi Arabia (10 million BPD), the United States (9.2 million BPD), Iraq (4.3 million BPD) and China (4.1 million BPD). (CNNMoney, 2016) Just as there are many oil-producing states in the United States that do not have refineries, there are entire nations that are impacted by having a lack of refineries. A few oil-rich nations that are negatively impacted by a lack of refineries include: Nigeria, Russia, Sudan, Cyprus, and Lebanon. â€Å"Nigeria is currently the largest oil producer in Africa and was the world s fourth-largest exporter of LNG in 2015. Nigeria s oil production is hampered by instability and supply disruptions, while its natural gas sector is restricted by the lack of infrastructure to commercialize natural gas that is currently flared (burned off).† (British Petroleum, 2016) Nigeria is a member of OPEC. Although Nigeria is the largest oil producer in Africa, its production is affected by unplanned outages; some that have been estimated to have been up to 500,000 BPD. (U.S. Energy Information Administration, 2016) Nigeria’s petroleum industry is impacted by regulatory uncertainty, corruption, mismanagement of oil subsidies, oil theft, sabotage, environmental damages, and piracy in offshore West Africa. Instability in the Niger Delta has resulted in significant amounts ofShow MoreRelatedDomestic and External International Factors on African Macroeconomic Formulation.4066 Words   |  16 Pagesmacroeconomic policies of African governments. 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