Oil export: Nigeria hits $11m in profit in five months

In the first half of the year, Nigeria's crude oil exports brought in roughly $11 billion.

The Organisation 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 the previous year, according to a study released by the American Energy Information Administration (EIA) and acquired by The Guardian.

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 stated.

“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 added.

The organisation projected that OPEC’s net oil export revenue will go on to increase in 2024.

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