(Ecofin Agency) - Attacks on oil infrastructure have made Nigeria’s output slide close to a 22-year low to 1.69 million bopd, thereby putting intense pressure on the country's finances.

The activities of militants in the Niger Delta region last week made Chevron shut down its Okan offshore facility, taking out 35,000 bpd while Shell’s workers at the Bonga oilfield in the south were evacuated due to threats.

According to data from the International Energy Agency (IEA), these attacks has reduced output to approximately 1.69 million bpd this month and any attempt to reduce production from any field will make output drop further to the lowest witnessed in August 1994, when it reached 1.46 million bpd.

Nigeria’s 2016 budget, passed into law by President Muhammadu Buhari on May 6, 2016, sees output at 2.2 million bopd and an oil price of $38 per barrel.

The U.S. Energy Information Administration (EIA) last week, pointed out that pipeline vandalism and oil supply disruptions rose this year, putting intense pressure on the country's finances.

“Because Nigeria heavily depends on oil revenue, its economy is noticeably affected by changes to its oil production and/or to global crude oil prices,” it said.

While Buhari is saying that there will be a raid on vandals in the region, analysts are saying that the violence could scare investment away from the country, Reuters reports.

Anita Fatunji