FG Earns $206.06 Billion from Crude Oil Exports in Five Years

The Organisation of the Petroleum Exporting Countries, OPEC, has said the Nigerian nation, Africa’s biggest crude oil producer, realised $206.06 billion from crude oil exports in the last five years.

In the cartel report titled ‘2020 Annual Statistical Bulletin’ that was released on Monday, it said Nigeria’s oil export revenue declined from $54.51 billion in 2018 to $45.11 billion in 2019.

In 2019, Nigeria was the fifth largest earner in OPEC with Saudi Arabia leading with $202.37 billion in oil revenue earnings. While Iraq came second with $80.03 billion.

Kuwait and the United Arab Emirates followed with $52.43 billion and $49.64 billion, respectively.

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

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

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

Nigeria’s exports to Asia and the Pacific increased by 71.72 percent to 664,900 in 2019. Accordingly, exports to the Middle East rose to 122,300bpd, up from zero.

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

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