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Nigeria earned $206.06billion from crude oil sales in the last 5 years – OPEC

Crude Oil

The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria is the top oil producer in Africa the last five years.

OPEC in its 2020 Annual Statistical Bulletin revealed that Nigeria generated $206.06billion from crude oil exports in the last 5 years.

The report released on Monday showed that Nigeria’s export revenue fell to $45.11billion in 2019 from $54.51billion in 2018.

The report revealed that last year, Nigeria with $37.98billion in 2019 crude oil sales was the fifth biggest revenue-earner in OPEC after Saudi Arabia ($202.37bn), Iraq ($80.03bn), Kuwait ($52.43bn) and the United Arab Emirates ($49.64bn).

Nigeria’s crude oil export to Europe reduced to 680,600 barrels per day from 1.06million barrels per day in 2018.

Export to North America also reduced to 27,500 barrels per day in 2019 and exports to Africa fell to 260,700 barrels per day.

Export to Asia however increased to 664,900 barrels in 2019 while the Middle East increased to 122,300bpd from zero.

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