The Organization of Petroleum Exporting Countries, (OPEC) has revealed that Nigeria which is Africa’s top oil producer earned a total of $236.15billion from petroleum exports over the last five years.
According to the report by OPEC in its 2019 Annual Statistical Bulletin, Nigeria’s value for petroleum exports was put at $75.196bn in 2014; $41.168bn in 2015; $27.295bn in 2016; $37.983bn in 2017, and $54.513bn in 2018 respectively.
Punch reported that in 2018, the value of the country’s petroleum exports was the sixth biggest in the 14-member group, behind Saudi Arabia’s $194.358bn, UAE’s $74.94bn, Iraq’s $68.192bn, Iran’s $60.198bn and Kuwait’s $58.393bn. Also, the group said member countries’ economy indicators, including GDP growth and current account balance, continued to improve in 2018.
It said, “the population of OPEC member countries increased by almost 11 million last year, with Nigeria, Iraq and Angola adding 5.3 million, one million, 0.52 million inhabitants, respectively, thus bringing the OPEC MCs’ share of global population to 6.64 per cent (up from 6.57 per cent in 2017).
Furthermore, the report noted that member countries successfully continued to improve the diversification of their economies and be less dependent on petroleum export revenues adding that the trend of diversification was confirmed while analyzing the share of non-petroleum export revenues to GDP at comparable oil price levels.
Meanwhile, the report also showed that there was a drop of around 400,00 bpd in 2018 as opposed to 2017. It also said that with regards to countries oil production in 2018, output expansions were clearly driven by North America notably by the United States adding that oil supply in the US increased by around 2.3million bpd in the year 2018 which represented almost 80 per cent of total non-OPEC supply growth.