Rebels sabotaging oil supplies

Nigeria is pumping as little as 1.1 million barrels per day, Platts reports. That would be a 22-year low.

The nation has the capacity to pump at least 3 million barrels per day but outages and sabotage.

A bomb attack Thursday forced Chevron to halt all onshore activities at its 160,000-barrel -a-day Escravos export terminal.

In the May OPEC monthly oil report, Nigerian production was estimated at 1.637 million barrels per day, down from 1.85mbpd in late 2015 and 1.91 mbpd in 2014 but that's still far below 2012 levels that were close to 3 million barrels per day.

The problem in Nigeria is that low oil prices have caused turmoil. In turn, rebels are stepping up attacks and unrest is increasing. So the government loses money on lower oil, lower production and increased security costs.