Revenue from crude oil sales as earned Nigeria $11 billion in the first half, of 2023. This is according to the data fact sheet which shows the revenue of the Organisation of Petroleum Exporting Countries (OPEC). According to the fact sheet, Nigeria revenue from crude oil sales for the same period in 2024 is projected to exceed the earnings in 2023 by increasing to about $29 billion. this it is hoped will give the nation’s foreign reserve and the foreign exchange market a boost. The data linked the forecast to a projected increase in global crude oil prices in 2024. The latest data comes amid the recent decision by some members of OPEC+, which includes OPEC and allies such as Russia, to voluntarily cut production in April due to the uncertain economic outlook.
Six OPEC members further agreed in May, to reduce production output by a further 1.04 million BPD, a decision which continued through June. The American Energy Information Administration (EIA), the institution which published the data says the revenue figures for H1 2023 indicate a huge drop from the $34 billion earned in H1, in 2022. Other oil-exploring countries like Angola, which is Nigeria’s closest rival in Africa earned about $12 billion from oil export during the same period, while the highest oil producer in OPEC, Saudi Arabia, generated $97 billion within the same period. The EIA report also reveals that the entire OPEC members earned a combined $888 billion in net oil export revenue in 2022.
According to the fact sheet, the net oil export revenue of the top five OPEC countries in 2023 and 2024 will remain the same as the income in 2022 and 2021 although there may be slight alterations in the exact figures. The revenue earned by the OPEC countries increased by around 43% when compared with earnings in 2022. “The increase in net export revenue in 2022 is mostly attributable to higher crude oil prices, and to a lesser degree to higher petroleum liquids production,” the EIA said.
