Nigeria’s Oil Revenue Rose by 116 Percent in November -OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) on Tuesday said Nigeria’s oil revenue rose by 116 percent in November.

The oil cartel said the 116 percent was recorded in November 2020 when compared to the level recorded in April during the peak of COVID-19.

This was after the 13 nations’ intergovernmental organization announced that Nigeria’s oil revenues dipped by 77 percent between January and April this year due to a drop in global oil demand.

Speaking as the Honorary Conference Chairman of the Virtual 19th Nigeria Oil and Gas session, Mohammad Barkindo, the Secretary-General of OPEC disclosed this in his address.

He said “Nigerian crude oil export earnings plunged by 77 per cent within three months between January to April 2020.

“But since then they have gradually improved and rebounded by 116 per cent in November compared to April 2020 levels. The government should be applauded for its quick and robust actions.”

Barkindo further explained that OPEC adjusted its approach to arrest the unprecedented slump in oil demand from the COVID-19 pandemic.

He, however, noted that Nigeria’s economic contraction in the last two quarters was not as much as project due to a series of policy adjustments made by the Federal Government to mitigate the negative impact of COVID-19.