Nigeria Rakes in $11b from Oil Exports in Five Months
The Organisation of Petroleum Exporting Countries (OPEC), latest revenues fact sheet indicates that Nigeria earned about $11 billion from crude oil exports in the first half of the year.
which revealed the figure, also projected that the country’s earnings would increase to about $29 billion in the same period 2024.
According to the report published by the America Energy Information Administration (EIA), the figure represents a huge decrease from $34 billion earned in the same period last year.
The report revealed that Angola, which is the closest rival to Nigeria in the continent, made about $12 billionin oil export, within the period, while Saudi Arabia, the highest oil producer in OPEC realized $$97 billion within the period.
The Central Bank of Nigeria (CBN) had earlier revealed that Nigeria exported 0.86 million barrels of crude oil per day (mbpd) in February; 0.82mbpd and 0.73mbpd in May 2023.
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Meanwhile, the entire OPEC members earned about $888 billion in net oil export revenue in 2022. The revenue rose nearly 43 per cent compared with the previous year, according to the EIA.
“The increase in net export revenue in 2022 is mostly attributable to higher crude oil prices, and to a lesser degree to higher petroleum liquids production,” the EIA said.
OPEC’s total oil output rose to nearly 34.2 million barrels per day in 2022 and increased by 2.5 million barrels per day year on year, the EIA outlined in the fact sheet.
Looking at 2023, the fact sheet projected that OPEC’s net oil export revenue would fall to $656 billion.
“This decrease is attributable to lower OPEC production as a result of the extension of the OPEC+ agreement, along with a decrease in crude oil prices,” the fact sheet stated.
“We expect OPEC total oil liquids production to decrease to 33.5 million barrels per day in 2023, while the forecast Brent spot price will fall from $101 per barrel in 2022 to $80 per barrel,” it added.
The organisation projected that OPEC’s net oil export revenue will go on to increase in 2024.
“In tandem with a forecast increase in OPEC output in 2024, based on the June 2023 STEO, we expect that OPEC net export revenue will rise to $682 billion (real $),” the EIA stated in the sheet.
“We forecast that global crude oil prices will increase in 2024, reflecting global oil inventories that will decrease in each of the next five quarters,” the EIA added.
According to the fact sheet, the top five OPEC countries in terms of net oil export revenue will remain the same as 2022 and 2021 in both 2023 and 2024, although the exact figures will alter.
The report revealed that Saudi Arabia had the highest net oil export revenue among OPEC members last year at $311 billion. The fact sheet placed Iraq in second, with $131 billion, the United Arab Emirates in third, with $119 billion, Kuwait in fourth, with $98 billion, and Iran in fifth, with $54 billion.
The fact sheet sees Saudi Arabia’s net oil export revenue coming in at $215 billion in 2023 and $223 billion in 2024, Iraq’s net oil export revenue at $96 billion in 2023 and $103 billion in 2024, the UAE’s net oil export revenue at $91 billion in 2023 and $92 billion in 2024, Kuwait’s net oil export revenue at $74 billion in 2023 and $77 billion in 2024, and Iran’s net oil export revenue at $44 billion this year and $48 billion next year.
