Nigeria made about N85 trillion ($236.2 billion) from oil between 2014 and 2018, the 54th edition of Annual Statistical Bulletin by the Organisation of Petroleum Exporting Countries (OPEC), has revealed.
The revenue earned in the five-year period is almost 10 times the 2019 budget of N8.91 trillion signed into law by President Muhammadu Buhari in May.
The figure puts Nigeria in 6th place and the highest oil revenue earner in Africa among the 14 OPEC member countries surveyed in the report.
The highest revenue in the review period was N27.1 trillion ($75.2 billion) recorded in 2014, followed by 2018, when N19.6 trillion ($54.5 billion) was earned.
N14.8 trillion ($41.2 billion), N9.8 trillion ($27.3 billion) and N13.7 trillion ($38 billion) were earned in 2015, 2016 and 2017 respectively.
Saudi Arabia topped the earners table with $194.4 billion followed by United Arab Emirates’ $74.9 billion, Iraq’s $68.2 billion, Iran’s $60.2 billion and Kuwait’s $58.4 billion.
On volume of crude oil exported, the report said OPEC member countries sold an average of 24.67 million barrels per day (b/d) in 2018, a slight increase of about 14,000 b/d, or 0.1 %, compared to 2017.
The bulk of sales were made to countries in Asia and the Pacific, followed by Europe and the least exports to North America.
DAILY CRUDE OIL PRODUCTION STILL BELOW BUDGET BENCHMARK
According to the OPEC bulletin, Nigeria’s daily crude oil production in 2018 was 1.601 million b/d, a 4.3% increase from the 1.535 million b/d recorded in 2017.
The largest oil producer in Africa had agreed to cap its output at 1.685 million b/d after reaching agreements with OPEC in January to regulate oil supply in order to drive up prices.
Some other reports have however said Nigeria has been producing above the OPEC quota, although the output still falls short of the 2.3 million b/d target the 2019 budget is benchmarked against.
According to S&P Global Platts survey, Nigeria’s production in May was 1.86 million b/d, a drop from the 1.95 million b/d recorded in April.
This could mean a reduction in estimated revenues for 2019 budget, especially if oil prices remain at the benchmark $60 per barrel or falls in 2019.