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Nigeria made $206.06bn from crude oil in the last five years, newly released figures from the Organisation of Petroleum Exporting Countries has shown.
According to the 2020 Annual Statistical Bulletin of the body, as Africa’s largest oil producer, Nigeria’s revenue from crude oil was fifth after Saudi Arabia ($202.37bn), Iraq ($80.03bn), Kuwait ($52.43bn) and the United Arab Emirates ($49.64bn).
The country’s oil export revenue fell to $45.11bn in 2019 from $54.51bn in 2018, higher than the oil export revenue for 2017 – $37.98bn. The revenue was $27.29bn and $41.17bn in 2016 and 2015 respectively.
The bulletin also show that Nigeria’s exported crude oil to Europe fell substantially to 680,600 barrels per day in 2019 in contrast to the 1.06 million bpd exported in 2018.
The export to North America was equally substantial, slumping to 27,500bpd in 2019 while the export to the rest of Africa slump to 260,700 bpd, a 15.77 per cent reduction.
In contrast, Nigeria’s crude oil export to Asia and the Pacific rose almost 80 per cent in 2019 to 664,900 bpd in 2019, while the export to the Middle East increased to 122,300bpd.
OPEC petroleum export also experienced the same slump, falling to $564.9bn in 2019 from the $692.3bn recorded in 2018
OPEC 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 report showed.