See The Huge Sum Nigeria Has Earned From Oil Since January
The global oil prices have remained at a healthy level for the most part of this year.
As a result, Nigeria has recorded a significant increase in oil export revenue as it earned an estimated $26 billion, about 9.3 trillion naira between January and July this year.
Nigeria saw its oil export revenue rise by 30% to $34 billion in 2017 from $26 billion in 2016, according to the new OPEC Revenues Fact Sheet released by the Energy Information Administration on Tuesday.
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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 $31 billion in 2017, had a per capital oil revenue of $532. The southern African country earned $21 billion 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.
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