Nigeria’s oil revenue dropped by $35bn in 2015

27 June 2016, Lagos –  The report showed that the country earned $41.818 billion from the sale of crude oil (about N8.27 trillion) compared to $77.48 billion earned in 2014 – a drop by about 46 percent.

Crude-oilThe country’s major export destinations within the period were Europe (992.3mb) and Asia and Pacific as the second (550mb).

The OPEC members earned $518.2 billion in 2015 from the sales of crude and refined fuels, within the period, according to the report. That’s a 45.8% drop from the previous year, and the lowest level since 2005.

Other highlights of the report showed that in 2015, world crude oil production increased by 1.75 million barrels/day (mb/d), or 2.4 per cent, compared with 2014, marking the second-highest increase within the last 10 years.

Among non-OPEC countries, the United States saw the biggest yearly increase, growing by 0.72 mb/d, or 8.3 per cent, the highest production level since the early 1970s.

Crude oil production in 2015 also increased in the United Kingdom, which saw growth of 0.10 mb/d, or 13.4 per cent, for the first time since 1999.

Similarly, Norway, which had already reversed its downward trend in 2014, continued the increase in 2015 by 0.06 mb/d, or 3.7 per cent.

OPEC crude oil production averaged 32.32 mb/d in 2015, increasing by 0.93 mb/d, or 3.0 per cent over 2014, the first surge in production after two years of decline. This means that the increase in export volumes wasn’t enough to offset the stab of lower prices.

In 2015, the top three crude oil producing countries were Saudi Arabia (10.19 mb/d), Russia (10.11 mb/d) and the United States (9.43 mb/d). Saudi Arabia displaced Russia from the top position for the first time since 2005.

– Daily Trust
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