Nigeria’s oil revenue dropped by $35.67 billion (about N7 trillion) in 2015 according to the report in the Organisation of Petroleum Exporting Countries (OPEC)’s annual statistics bulletin released yesterday.
The report showed that the country earned $41.818 billion from the sale of crude oil (about N8.27 trillion) compared to $77.48 billion earned in 2014 – a drop by about 46 percent.
The country’s major export destinations within the period were Europe (992.3mb) and Asia and Pacific as the second (550mb).
The OPEC members earned $518.2 billion in 2015 from the sales of crude and refined fuels, within the period, according to the report. That’s a 45.8% drop from the previous year, and the lowest level since 2005.
Other highlights of the report showed that in 2015, world crude oil production increased by 1.75 million barrels/day (mb/d), or 2.4 per cent, compared with 2014, marking the second-highest increase within the last 10 years.
Among non-OPEC countries, the United States saw the biggest yearly increase, growing by 0.72 mb/d, or 8.3 per cent, the highest production level since the early 1970s.
Crude oil production in 2015 also increased in the United Kingdom, which saw growth of 0.10 mb/d, or 13.4 per cent, for the first time since 1999.
Similarly, Norway, which had already reversed its downward trend in 2014, continued the increase in 2015 by 0.06 mb/d, or 3.7 per cent.
OPEC crude oil production averaged 32.32 mb/d in 2015, increasing by 0.93 mb/d, or 3.0 per cent over 2014, the first surge in production after two years of decline. This means that the increase in export volumes wasn’t enough to offset the stab of lower prices.
In 2015, the top three crude oil producing countries were Saudi Arabia (10.19 mb/d), Russia (10.11 mb/d) and the United States (9.43 mb/d). Saudi Arabia displaced Russia from the top position for the first time since 2005.
The report said the world oil demand averaged 93.0 mb/d in 2015, up by 1.7 per cent y-o-y, with the largest increases taking place in the Asia Pacific region, particularly India and China, North America, Western Europe, the Middle East and Africa.
Total OECD oil demand grew soundly during 2015, while demand declined in Latin America for the first time since 2003.
OPEC oil demand remained robust during 2015 in the Middle East, Africa and Asia Pacific, while it declined in Latin America – gasoline, kerosene and distillates accounted for the bulk of growth. Distillates and gasoline accounted for around 56 per cent of total world oil demand and were on an increasing trend, while residual fuel oil requirements declined for another year.
Gasoline dominated 2015 oil demand growth in Asia Pacific and North America, while distillates appeared robust in Western and Eastern Europe.