Nigeria Earned $45.11bn From Crude Oil Export In 2019—OPEC

… Emerges Fifth Highest Oil Revenue Earner

The Organisation of Petroleum Exporting Countries has said Nigeria, generated $45.11bn in revenue from crude oil exports in 2019.

This was contained in the organisation’s 2020 Annual Statistical Bulletin.

An analysis of the report showed that Nigeria was the fifth biggest revenue earner amongst the OPEC member countries in the year under review after Saudi Arabia ($202.37bn), Iraq ($80.03bn), Kuwait ($52.43bn) and the United Arab Emirates ($49.64bn).

A breakdown of the data showed that between 2019 and 2015, Nigeria earned $206.06bn in revenue from crude oil exports

According to the report, Nigeria’s oil export revenue fell by $9.5bn to $45.11bn in 2019 from $54.51bn in 2018.

In 2017 Nigeria earned $37.98bn from oil exports , compared to $27.29bn in 2016 but lower than the revenue of $41.17bn in 2015.

OPEC data also showed that before the coronavirus pandemic hit the global oil markets, member countries revenue were already under pressure from competitors based on the declining value of crude oil.

The report indicated that member countries in 2019 exported an average of 22.5 million barrels of crude oil per day, representing a 7.4 per cent decrease when compared to the 2018 figure.

Brent crude oil averaged $64.16 a barrel in 2019, representing a 10 per cent drop from the previous year.

Meanwhile, exports from oil producers such as the United States, Canada and Brazil increased during the period.