Nigeria earned a total of $206.06bn from crude oil exports in the last five years, according to the Organisation of Petroleum Exporting Countries.
Nigeria is Africa’s largest oil producer.
OPEC disclosed in its 2020 Annual Statistical Bulletin that Nigeria’s oil export revenue fell to $45.11bn in 2019 from $54.51bn in 2018.
The country was the fifth largest revenue-earner last year in OPEC after Saudi Arabia ($202.37bn), Iraq ($80.03bn), Kuwait ($52.43bn) and the United Arab Emirates ($49.64bn).
Nigeria earned $37.98bn from oil exports in 2017, compared to $27.29bn in 2016 and $41.17bn in 2015.
The report added that exports of Nigeria’s crude oil to Europe plunged to 680,600 barrels per day in 2019 from 1.06 million bpd in 2018.
The total volume of oil exported to North America slumped by 84 per cent to 27,500 bpd in 2019 while exports to Africa fell by 15.77 per cent to 260,700bpd.
The country’s exports to Asia and the Pacific rose by 71.72 per cent to 664,900 bpd in 2019, while exports to the Middle East jumped from zero to 122,300bpd.
The report disclosed that OPEC’s 13 members suffered an 18.4 per cent contraction in their oil export revenue in 2019 on slumping prices.
The price of Brent crude, the international oil benchmark, averaged $64 per barrel in 2019, down from $71 per barrel in 2018, according to the US Energy Information Agency.
The value of OPEC petroleum export revenue fell to $564.9bn in 2019 from $692.3bn in 2018 as weak demand growth and continued competition from non-OPEC producers impacted the group.
OPEC was already facing revenue shortfalls even before the coronavirus pandemic wiped out nearly a fifth of global oil demand in the second quarter of 2020.
OPEC has intensified efforts to boost the market through production cuts, as the oil-dependent governments try to defend prices over market share.
The report added that the organisation cut its production by 1.86 million bpd, or six per cent, last year, while non-OPEC output grew by 1.3 million bpd, or 2.9 per cent.
The Daily Tracker is the home of factual, informative and developmental journalism. We go beyond the regular to keep our readers well informed at all times. Our focus is on the people, institutions, the society and ideas. We aspire to provoke and inspire. Welcome to our World
