NIGERIA’S NINE-MONTH OIL EXPORT EARNINGS FALL BY $1.24BN

Written by on January 19, 2021

THE TOTAL REVENUE GENERATED BY NIGERIA FROM CRUDE OIL AND GAS EXPORTS FROM JANUARY TO SEPTEMBER 2020 TUMBLED BY 1.24BILLON DOLLAR, COMPARED TO THE SAME PERIOD IN 2019.

AN ANALYSIS OF DATA OBTAINED FROM THE NIGERIAN NATIONAL PETROLEUM CORPORATION ON MONDAY SHOWED THAT THE COUNTRY EARNED 2.32BILLION DOLLAR FROM OIL AND GAS EXPORTS IN THE PERIOD UNDER REVIEW, DOWN FROM 3.56BILLION DOLLAR IN THE SAME PERIOD OF 2019.

AMID THE SHARP DROP IN OIL PRICES THAT WAS TRIGGERED BY THE COVID-19 PANDEMIC, TOTAL OIL AND GAS REVENUE SLUMPED TO 193.05M IN APRIL LAST YEAR FROM 361.18MILLION DOLLAR IN MARCH, 282.32MILLION DOLLAR IN FEBRUARY AND 626.79MILLION DOLLAR IN JANUARY.

THE UNITED STATES ENERGY INFORMATION ADMINISTRATION PREDICTED THAT MEMBERS OF THE ORGANISATION OF THE PETROLEUM EXPORTING COUNTRIES WOULD EARN ABOUT $323BN IN NET OIL EXPORT REVENUES IN 2020.


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