• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 6 hours One Last Warning For The U.S. Shale Patch
  • 1 day Modular Nuclear Reactors
  • 1 min Dutch Populists Shock the EU with Election Victory
  • 1 day Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 11 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 13 mins Climate change's fingerprints are on U.S. Midwest floods
  • 2 days Chile Tests Floating Solar Farm
  • 9 hours Telsa Sales in Europe
  • 48 mins 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 1 day Poll: Will Renewables Save the World?
  • 11 hours Read: OPEC THREATENED TO KILL US SHALE
  • 7 hours The Political Debacle: Brexit delayed
  • 2 days US-backed coup in Venezuela not so smooth
Oil Prices Dive On Economic Fears

Oil Prices Dive On Economic Fears

While it seemed like the…

U.S. On The Hunt For Iranian “Ghost Tankers”

U.S. On The Hunt For Iranian “Ghost Tankers”

The United States has started…

Nigeria Continues To Depend Heavily On Oil Export Revenue

Nigeria Gasoline pump

Despite assurances that Nigeria is working to diversify its economy away from oil, the African OPEC member continues to depend heavily on oil exports, and consequently, on oil prices, for its international trade and export revenues, as the latest data from Nigeria’s National Bureau of Statistics showed on Tuesday.

The value of Nigeria’s crude oil exports in the third quarter accounted for a good 85.4 percent of the value of all exports, according to the bureau’s foreign trade statistics Q3 2018 report. Other oil products accounted for 11.2 percent of Nigeria’s total exports, while non-oil products made up a mere 3.4 percent of the country’s export transactions in the third quarter.

The value of Nigeria’s crude oil exports rose by 10.03 percent from Q2 and by 39.5 percent compared to the third quarter of 2017.

Europe was the number-one destination for Nigerian crude oil exports in Q3 2018, followed by Asia and the Americas.

Following a wave of militant violence in 2016 and early 2017, Nigeria’s oil production started to recover in the latter half of 2017, when attacks on oil infrastructure began to subside.

This year, after some hiccups and pipeline outages during the spring and early summer, Nigeria’s crude oil production started to rise, with production set for further increases with the imminent start-up of the Total-operated Egina oilfield.

Despite some concerns over the stability of Nigeria’s oil operations ahead of the February elections, the country wasn’t exempted this time around from the new OPEC+ production cut deal signed last week. Fellow African producer Libya, alongside Iran and Venezuela, were granted exemption from the cuts, but Nigeria wasn’t.

Nigerian Oil Minister Emmanuel Kachikwu told local news outlet THISDAY that the country hadn’t asked for an exemption, saying that it could contribute up to 40,000 bpd in production cuts out of the 800,000 bpd OPEC has pledged to cut next year. The 40,000-bpd figure is some 2.5 percent of Nigeria’s current crude oil production of 1.7 million bpd, the minister said. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News