OPEC Secretary-General Says Nigeria’s Crude Oil Earnings Rebound By 116%

Nigeria Mohammad Barkindo and Secretary-General of OPEC at a recent virtual meeting of the organisation

The Organisation of Petroleum Exporting Countries (OPEC) said on Tuesday that the Federal Government’s earnings from the export of crude oil has recorded a rebound of about 116 per cent as the year ravaged by the dreaded coronavirus (COVID-19) pandemic gradually ends.

OPEC said the 116 per cent rebound was recorded this November 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- that period also witnessed the peak of the virus as economies of the world shut down.

OPEC’s Secretary-General, Mohammad Barkindo (a Nigerian), 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.”

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