Nigeria recorded the second biggest decline in oil export revenue among its peers in the Organisation of Petroleum Exporting Countries last year, amid persistent low oil prices and production disruptions.
The country’s oil export revenue fell to $26bn last year from $37bn in 2015, the US Energy Information Administration said in its OPEC Revenues Fact Sheet.
Following the resurgence of militant attacks in the Niger Delta that caused production to plummet to a near 30-year low, the nation lost its status of Africa’s top oil producer to Angola.
South Africa, whose oil export revenue was $4bn lower than Nigeria’s in 2015, earned the same revenue as Nigeria last year.
The EIA put Nigeria’s net oil export revenue for the first four months of this year at $10bn, same as Angola’s.
The statistical arm of the US Department of Energy estimated that members of the OPEC earned about $433bn in net oil export revenue (unadjusted for inflation) in 2016.
The 2016 earnings represent a 15 per cent decline from the $509bn earned in 2015, mainly as a result of the fall in average annual crude oil prices during the year, and, to a lesser extent, decline in the level of OPEC net oil exports.
“This revenue total was the lowest earnings for OPEC since 2004. The net oil export revenue reflects OPEC members as of May 2017,” the EIA said.
The EIA projected that OPEC net oil export revenue would rise to about $539bn (unadjusted for inflation) in 2017, based on projections of global oil prices and OPEC production levels in the EIA’s May 2017 Short-Term Energy Outlook.
It said, “On a per capita basis, OPEC net oil export earnings are expected to increase by about 18 per cent from $912 in 2016 to $1,112 in 2017. The expected increase in OPEC’s net export earnings is attributed to slightly higher forecast annual crude oil prices in 2017 compared with 2016 as well as slightly higher OPEC output during the year.
“For 2018, OPEC revenues are projected to be $595bn, with an increase in forecast crude oil prices, coupled with higher OPEC production and exports, contributing to the rise in overall earnings.”
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