Nigeria’s crude oil earnings rebound by 116%–OPEC

The Federal Government’s earnings from the export of crude oil has recorded a rebound of 116 per cent, the Organisation of Petroleum Exporting Countries disclosed on Tuesday.

OPEC said the 116 per cent rebound was recorded in November this year when compared to its April 2020 levels.

The 13 nations intergovernmental organisation, which has Nigeria as a member, explained that Nigeria’s oil revenues had earlier dropped drastically by 77 per cent between January and April this year.

OPEC’s Secretary-General, Mohammad Barkindo, disclosed this in his address as the Honorary Conference Chairman of the Virtual 19th Nigeria Oil and Gas session.

He also noted that the country’s economic contraction in the second and third quarters of 2020 was not as much as had been originally anticipated going by the impact of the COVID-19 pandemic globally.

Barkindo stated that considering the drop in revenues over this period, the government’s measures had helped minimise the effects of the economic downturn.

On the impact of the pandemic on revenues, OPEC said, “Nigerian crude oil export earnings plunged by 77 per cent within three months between January to April 2020.

“But since then they have gradually improved and rebounded by 116 per cent in November compared to April 2020 levels. The government should be applauded for its quick and robust actions.”

Barkindo also stated that OPEC took some effective decisions in response to the unprecedented oil demand slump resulting from the COVID-19 pandemic.