LAGOS, Aug. 18 (Xinhua) -- Militancy ≤₹in the oil-rich Niger Delta¶‍₹₹ region had destabilized Nigeriππa's oil industry, Minister of Sta↕&​>te for Petroleum Resourcδ∞→es, Ibe Kachikwu, said Thursday.

Speaking at the 2016 Annu ¶Ωal Conference of National π←☆↓Association of Energy Correspondents i≥&γ©n Lagos, the minister said Nigeria φ"‍has recorded 1,600 cas"•∏es of pipeline vanda€×♣lism since January, noting that the↑ε' country recorded over 3 $&,000 pipeline vandalism ‌δ¶βcases from 2010 to 2×♥♦015.

The impact of attacks on oil and g​←as pipelines was that δΩ€there was no money to fun↕•‍d the 2016 budget, he added.

Over the last few months✔​€, members of the Niger Delta A'₹vengers (NDA) have bombed <✔numerous oil facilit✔≠♥♦ies belonging to international oil c≤÷®ompanies in the Niger Delta region.

The militant group has demand↔☆​ed more crude oil revenues for t✔πλhe oil-producing states, the releaseα↓  of militants who are being detai✔‍π↓ned or incarcerated, and continued fu¥₩♦αnding of the amnesty pr‍β•ogram for former militants.

The group's bomb attacks on '₹¶™oil facilities have forced oil fir§" ¶ms in the Delta region to €ε®αbe on high alert, to take signif‌ icant security measures to prote€≤‍ct their employees, and cut down on oi₩≥"l production.

The unrest in the region has forced σ¶many international firms tδ∏'≈o flee the area. The government mobi•© lized the Nigerian army and£∏© coast guard in an anti-banditry operat  ×ion

The minister also said that declλ€γ≥ining price of oil in t≈≠≈he international market had nega☆✔← tively impacted the country's reve<¶₽"nue leading to economic recess>♣♣↓ion.

He said proactive stepα​™s were required to bring Nigeria's ecoγε‍±nomy back on positive track.

According to him, while vandals ✔π∞↓wreak havoc on oil facil ≠₩ities and cripple local prod λ​€uction, over-supply of product in  ✔¶the market is also affectin★∞λ♣g prices and creating shocks to the ♠≥←economy.

Kachikwu said time had come for the ↓ ≠country to face the realit​®→ y as there was no assuran★™≥ce that the price of oil wouα ld peak as being speculated.

He hinged his argument on th♥✘e fact that OPEC merely controlled 30 p‍∑δ≥ercent of the market while 70 percent₹₩±← was in the hands of m​≠ajor producers, such the U.S., Rδ↕ussia and Mexico, which were not✘σ OPEC members.

He said the industry σ₹δ£was challenged by si$≈÷×x billion U.S. dollars cash call ©¥×indebtedness accumulated over the last α☆​five years.

The minister said with inade§₩∑‌quate financing of the in♥×‍↔dustry, no investment had occurre×↑d in the sector in t♠φβhe last five years.

He said 643 million ↕↔€•liters of petroleum pro™£σducts was lost in 20↑←♥15, while between January an"↕≈d June a loss of 109α±$ million liters of p÷‌♦etroleum products and 560,00↓β0 barrels of crude had b★♥'→een recorded.

Kachikwu said about 850 miφ→↓σllion standard cubic♣∑ feet of gas production had been lo$&st from crises.

He said the government was stepping up <•efforts to make robust policies thatσ₹₹✘ would finalize and gazette a comp₹​∞₩rehensive gas policy, unlock gas potent★↕ial and ensure effective develσ↓ €opment of Nigeria's gas mark₽↓©et.

He said the policy would help to t↔♠✘λransit from gas flare penalty reg≤÷βime to gas commercialization and shift↓π₽¶ focus from government-built to inv₽€♦§estor-built infrastructure.