Nigeria earned $206bn from crude oil export in five years – OPEC

The Organisation of Petroleum Exporting Countries has disclosed that Nigeria realised $206.06bn from crude oil exports in the last five years.

In the ‘2020 Annual Statistical Bulletin’ obtained by Financial Street, OPEC said that Nigeria’s oil export revenue declined from $54.51bn in 2018 to $45.11bn in 2019.

In 2019, Nigeria was the fifth largest earner in OPEC with Saudi Arabia leading with $202.37bn in oil revenue earnings. Iraq came second with $80.03bn. Kuwait and the United Arab Emirates followed with $52.43bn and $49.64bn respectively.

However, Nigeria generated $37.98bn from oil exports in 2017, higher than the $27.29bn realised in 2016, but below the $41.17bn generated in 2015, the cartel report added.

According to the report, crude oil exports from Nigeria to Europe declined from 1.08m barrels per day in 2018 to 680,600bpd in 2019.

Also, the total volume of oil exported to North America declined by 84 per cent to 27,500 bpd last year, while exports to other African nations declined by 15.77 per cent to 260,700bpd.

In 2019, Nigeria’s oil export to Asia and the Pacific increased by 71.72 per cent to 664,900. Accordingly, exports to the Middle East hit 122,300bpd from zero.

During the year under review, OPEC’s 13-member nations suffered 18.4 per cent decline in oil export revenue, according to the report.

OPEC said the Brent crude oil, the international oil benchmark, averaged $64 per barrel in 2019 from $71 in 2018.

Get in Touch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related Articles