Harboursandport.com: Lagos --- Nigeria is the sixth
largest crude income earner in Organisation of the Petroleum Exporting
Countries (OPEC), earning over N7 trillion ($26 billion) within the first seven
months of the year.
 |
| President of the Federal Republic of Nigeria, Muhammadu Buhari |
Within the same
period, according to the OPEC revenue fact sheet report, it was gathered that
the entire OPEC body consisting 15 member states raised a total of $417 billion
amounting to N127 trillion.
Oil prices rose by a
significant two per cent on Wednesday to exceed the $74 mark, the highest
recorded in the last two weeks. Of this, Nigeria accounted for 6.24 per cent of
the total net export revenue, taking adjustments for inflation into
consideration. Saudi Arabia got the largest share with oil export earnings at
N38.4 trillion ($126 billion), while Equatorial Guinea and Ecuador contributed
the lowest. Angola, Nigeria’s closest rival in Africa, also earned N6.41
trillion ($21 billion) in the first seven months of 2018. Meanwhile, Brent
crude, which is the international benchmark of crude oil, rose by $1.48 to
$74.11 a barrel. West Texas Intermediate (WTI) crude futures rose by $1.49 to
$67.33 a barrel. According to loading schedules for August and September, 30
crude oil cargoes are still in the country awaiting buyers. By October,
Nigerian oil supply is projected to hit a three-month high with a total of 38
cargoes, derived from daily loadings averaging 1.12 million barrels. The
sufficient supply of West African crude cargoes has been limited by a slowdown
in oil demand from Asia, having little to no effect on global oil prices.
No comments:
Post a Comment