Financial Energy Review
by James Ikenna……….
Nigeria stands in the fifth position in revenue from oil export among OPEC member countries as she earned $45.11billion from oil last year.
Also as the largest oil exporter in Africa, her revenue valued at $206.06billion came from petroleum export from 2015 to 2019.
According to the breakdown from OPEC’s 2020 Annual Statistical Bulletin Nigeria’s oil export revenue fell in 2016 to $27.29billion from $41.17billion in 2015, tipping Nigeria into recession.
Oil revenue later improved in 2017 to $37.98 billion and by the time Nigeria’s economy came out of recession in 2018, the revenue jumped to $54.51billion.
The four bigger earners ahead of Nigeria are Saudi Arabia ($202.37billion), Iraq ($80.03billion), Kuwait ($52.43billin) and the United Arab Emirates ($49.64billion).
The country also imported $265 billion worth of petroleum products.
Nigeria exports its crude oil to Europe, North America, Asia and Pacific, Latin America, Africa and Middle-East.
Last year, its export to Europe plunged to 680,600 barrels per day from 1.06 million bpd in 2018. Also export to North America fell to 27,500 bpd from 172,000 bpd
owever, export to Asia and the Pacific rose from 387.200bpd in 2018 to 664.900bpd in 2019. Also, Nigerian oil export to Latin America increased from 52.300 bpd in 2018 to 252.200 bpd last year.
Exports to Africa fell from 309.500 in 2018 to 260.700 in 2019. No export was recorded for Middle East in 2018 but 122.300bpd was exported in 2019.
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 260,70
