Nigeria ranked 6th largest oil export earner among OPEC nations

Nigeria ranked 6th largest oil export earner among OPEC nations

- Nigeria has been ranked the sixth largest revenue earner among the Organisation of Petroleum Exporting Countries (OPEC) member nations

- The African giant earned N7.93 trillion ($26 billion) from oil exports between January and July 2018

- Out of the total net export revenue, Nigeria accounted for 6.245 taking adjustments for inflation into consideration

A revenues fact sheet report published by the US Energy Information Administration (EIA) has said that between January and July this year, Nigeria earned as much as N7.93 trillion ($26 billion) from oil exports making it the sixth largest revenue earner among Organisation of Petroleum Exporting Countries (OPEC) member nations.

NAIJ.com gathered that the report said the 15-member producers’ group earned a total of N127.2 trillion ($417 billion) in the period under review.

Oil prices rose by a significant two per cent on Wednesday to exceed the $74 mark, the highest recorded in the last two weeks.

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Nigeria accounted for 6.245 of the total net export revenue, taking adjustments for inflation into consideration. Saudi Arabia got the largest share with oil export earnings at N38.4 trillion ($126 billion), while Equatorial Guinea and Ecuador contributed the lowest.

Angola, Nigeria’s closest rival in Africa, also earned N6.41 trillion ($21 billion) in the first seven months of 2018.

Meanwhile, Brent crude, which is the international benchmark of crude oil, rose by $1.48 to $74.11 a barrel. West Texas Intermediate (WTI) crude futures rose by $1.49 to $67.33 a barrel. According to loading schedules for August and September, 30 crude oil cargoes are still in the country awaiting buyers.

By October, Nigerian oil supply is projected to hit a three-month high with a total of 38 cargoes, derived from daily loadings averaging 1.12 million barrels.

The sufficient supply of West African crude cargoes has been limited by a slowdown in oil demand from Asia, having little to no effect on global oil prices.

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NAIJ.com previously reported that oil price rose further above 68 Dollars a barrel to the highest since May 2015, supported by unrest in Iran that raised concerns about supply risks, cold weather in the U.S., boosting demand and OPEC-led output cuts.

Six days of anti-government protests in OPEC’s third-largest producer added a geopolitical risk premium to oil prices, although Iran’s production and exports had not been affected.

Brent crude, the international benchmark, was unchanged at as high as 68.27d. U.S. crude rose 20 cents to 61.83 Dollars and also touched the highest since May 2015.

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Source: Naija.ng

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