THE total revenue generated by Nigeria from crude oil and gas exports from January to September 2020 tumbled by $1.24 billion, 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 $2.32 billion from oil and gas exports in the period under review, down from $3.56 billion 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 $193.05 million in April last year from $361.18m in March, $282.32 million in February and $626.79m in January.
It fell further to $133.16m in May but rose to $378.42m in June, according to the NNPC data.
The oil and gas export receipt later resumed its decline, dropping to $122.44 million in July and $100.88 million in August. It, however, rose to $122.49 million in September.
The United States Energy Information Administration predicted that members of the Organisation of Petroleum Exporting Countries (OPEC) would earn about $323 billion in net oil export revenues in 2020.
“If realised this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” the EIA said in its latest OPEC Revenues Fact Sheet.
According to the report, EIA estimated that members of OPEC earned about $595 billion in net oil export revenues (unadjusted for inflation) in 2019.
“In 2019, OPEC net export revenues decreased by 17 per cent compared with the estimated 2018 net export revenues and were less than half the estimated record high of the more than $1.2 trillion earned in 2012.
The estimated 2019 revenues fell because of lower crude oil prices and lower crude oil production levels, which were the result of an increase in crude oil production disruptions and voluntary curtailments of crude oil output among OPEC members,” it said.
Saudi Arabia accounted for the largest share of total OPEC earnings in 2019, with estimated earnings of $202 billion for Saudi Arabia, representing more than one-third of total OPEC oil revenues.