In the first half of the year, Nigeria’s crude oil exports brought in roughly $11 billion.
The Organization of Petroleum Exporting Countries (OPEC), which released the most recent income fact sheet and provided the number, also predicted that the country’s earnings would rise to approximately $29 billion in the same period of 2024.
The figure reflects a significant fall from the $34 billion generated during the same period previous year, according to a study released by the American Energy Information Administration (EIA) and obtained by The News Chronicles.
The analysis showed that Saudi Arabia, the top oil producer in OPEC, made $97 billion during the period, while Angola, Nigeria’s closest continental rival, made roughly $12 billion in oil exports.
According to earlier information from the Central Bank of Nigeria (CBN), Nigeria exported 0.86 million barrels of crude oil per day (mbpd) in February, 0.82 million and 0.73 million in May 2023.
The net earnings from oil exports for all OPEC members combined was roughly $888 billion in 2022. The EIA reports that the revenue increased by over 43% from the previous year.
“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.
According to the EIA’s fact sheet, OPEC’s overall oil output surged to around 34.2 million barrels per day in 2022 and increased by 2.5 million barrels per day annually.
The fact sheet predicted that by 2023, OPEC’s net oil export earnings will be $656 billion.
“This decrease is attributable to lower OPEC production as a result of the extension of the OPEC+ agreement, along with a decrease in crude oil prices,” the fact sheet explained.
“We expect OPEC total oil liquids production to decrease to 33.5 million barrels per day in 2023, while the forecast Brent spot price will fall from $101 per barrel in 2022 to $80 per barrel,” it stated.
According to the organisation, OPEC’s net oil export earnings will rise in 2024.
“In tandem with a forecast increase in OPEC output in 2024, based on the June 2023 STEO, we expect that OPEC net export revenue will rise to $682 billion (real $),” the EIA stated in the sheet.
“We forecast that global crude oil prices will increase in 2024, reflecting global oil inventories that will decrease in each of the next five quarters,” the EIA added.
The top five OPEC nations in terms of net oil export earnings will remain the same in 2023 and 2024, albeit the precise numbers will change, according to the fact sheet.
According to the report, Saudi Arabia earned $311 billion from net oil exports last year, the most of any OPEC member. Iraq was ranked second with $131 billion, the United Arab Emirates third with $119 billion, Kuwait fourth with $98 billion, and Iran fifth with $54 billion, according to the fact sheet.
The fact sheet sees Saudi Arabia’s net oil export revenue coming in at $215 billion in 2023 and $223 billion in 2024, Iraq’s net oil export revenue at $96 billion in 2023 and $103 billion in 2024, the UAE’s net oil export revenue at $91 billion in 2023 and $92 billion in 2024, Kuwait’s net oil export revenue at $74 billion in 2023 and $77 billion in 2024, and Iran’s net oil export revenue at $44 billion this year and $48 billion next year
