The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries released yesterday showed a drop of 543 million barrels in the crude oil reserves of Nigeria.

Data on world proven oil reserves by country as contained in the bulletin showed that Nigeria's oil reserves dropped from 37,453 million barrels in 2016 to 36,910 million barrels in 2020.

A thorough scrutiny of the  OPEC bulletin showed that Nigeria's oil reserves stayed at 37,453 million barrels in 2017, before dropping to 36,972 million barrels in 201

8 and 36,890 million barrels in 2019.

OPEC, a cartel that has Nigeria as a long-standing member, also noted that  Nigeria's active oil rigs during the five-year period increased from nine in 2016 to 49 in 2020.