Nigeria Earns $40bn from Oil Exports in Six Months

Nigeria has been estimated to have realised about $40 billion from crude oil exports in the first half of this year, according to the Organisation of Petroleum Exporting Countries (OPEC).

The 12-nation member organisation, in its revenue fact sheet, however stated that the Africa’s oil giant had net earnings of about $84 billion in 2013.

This revenue has positioned Nigeria as the fourth highest earner among OPEC members, after Saudi Arabia ($274 billion), Kuwait ($45 billion), and Iraq ($45 billion), during the same period.

Libya earned the least revenue with ($4 billion) after Equador ($5 billion).

The United States Energy Information Administration (EIA) also estimated that excluding Iran, members of the OPEC earned about $826 billion in net oil export revenues in 2013, a seven per cent decrease from 2012 earnings, but the second largest earnings totals during

Nigeria’s rising oil production increases OPEC output to one-year high

Surging oil production in Nigeria led output from the Organisation of Petroleum Exporting Countries (OPEC) to a one-year high in August, a Bloomberg survey showed.

Production by the 12-member OPEC rose by 891,000 barrels per day (bpd) to 31.033 million, according to the survey of oil companies, producers and analysts.

Last month’s total was revised 80,000 bpd lower to 30.142 million because of changes to the Nigerian and Iranian estimates.

Nigeria, Saudi Arabia and Angola led gains as new deposits came online, security improved and field maintenance programmes ended. Iran and Venezuela were the only