Nigeria earns $206bn from oil in five years – OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has said that Nigeria generated $206.06bn in revenue from crude oil exports in the last five years.

According to OPEC, the country’s oil export revenue fell to $45.11bn in 2019 from $54.51bn in 2018.

It revealed this in its 2020 Annual Statistical Bulletin released on Monday.

Africa’s top oil producer Nigeria was the fifth biggest revenue-earner last year in OPEC after Saudi Arabia ($202.37bn), Iraq ($80.03bn), Kuwait ($52.43bn), and the United Arab Emirates ($49.64bn).

The country earned $37.98bn from oil exports in 2017, compared to $27.29bn in 2016 and $41.17bn in 2015.

Exports of Nigeria’s crude oil to Europe plunged to 680,600 barrels per day in 2019 from 1.06 million bpd in 2018, according to the report.

The total volume of oil exported to North America slumped by 84 percent to 27,500 bpd in 2019 while exports to Africa fell by 15.77 percent to 260,700bpd.

The country’s exports to Asia and the Pacific rose by 71.72 percent to 664,900 bpd in 2019, while exports to the Middle East jumped from zero to 122,300bpd.

OPEC’s 13 members suffered an 18.4 percent contraction in their oil export revenue in 2019 on slumping prices, the report showed.

The price of Brent crude, the international oil benchmark, averaged $64 per barrel in 2019, down from $71 per barrel in 2018, according to the US Energy Information Agency.

The value of OPEC petroleum export revenue fell to $564.9bn in 2019 from $692.3bn in 2018 as weak demand growth and continued competition from non-OPEC producers impacted the group.

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