Following the rally in global crude oil prices, Nigeria has recorded a significant increase in oil export revenue as the country earned an estimated $26bn in the first seven months of this year.
The country saw its oil export revenue rise by 30 per cent to $34bn in 2017 from $26bn in 2016, according to the new OPEC Revenues Fact Sheet released by the Energy Information Administration on Tuesday.
Nigeria, Africa’s top oil producer, had the sixth biggest revenue in the 15-member Organisation of Petroleum Exporting Countries, and the lowest per capital oil revenue last year. Its rival, Angola, which earned an estimated $31bn in 2017, had a per capital oil revenue of $532.
The southern African country earned $21bn in the first seven months of this year. The global oil benchmark, Brent crude, against which Nigeria’s oil is priced, rose to $66.87 per barrel at the end of 2017 from around $53 per barrel at the start of the year.
The increase in oil prices continued in 2018, with Brent climbing above $80 per barrel on May 17 for the first time since November 2014. It stood at $74.29 per barrel as of 4:00pm Nigerian time on Wednesday.
The US EIA estimated that members of the Organisation of the Petroleum Exporting Countries earned about $567bn in net oil export revenues (unadjusted for inflation) in 2017.
It said the 2017 net oil export revenues increased by 29 per cent from the $441bn earned in 2016, mainly as a result of the increase in average annual crude oil prices during the year and the increase in OPEC net oil exports.
(Punch)
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