Nigeria’s crude oil export earnings rebounded by 116% in November – OPEC

The Organisation of Petroleum Exporting Countries (OPEC) said the Nigerian Crude oil export earnings rebounded by 116 per cent in November against 77 per cent in April 2020.

The OPEC Secretary General Mohammad Barkindo disclosed this at the Virtual 19th Nigeria Oil and Gas Conference on Tuesday.

The Theme of the Conference is `fortifying the Nigerian Oil and Gas for Economic Stability and growth.”

He said the Nigerian government should be commended for its proactive measures that had facilitated the rebounding of the Nigerian crude oil export earnings.

“The Nigerian Crude oil export earnings plunged by 77 per cent within three months between January and April 2020, but since then, they have gradually improved and rebounded by 116 per cent in November compared to April 2020 level.

“The government should be applauded for quick and proactive actions,’’ he said

He expressed deep gratitude to president Muhammadu Buhari for being an advocate of OPEC in his overarching commitment to market stability.

“All of us in OPEC family know the enormous debt of gratitude we owe President Buhari for the pivotal role he played in the Declaration of Cooperation (DoC) process between OPEC and non- OPEC producing countries.

“Particularly, his intervention at the highest level to secure decisions of the 10th extraordinary OPEC and non-OPEC meeting in April 2020,’’ he said.

According to him, the decisions were taken in response to the unprecedented demand slump resulting from Coronavirus pandemic.

Mr Barkindo noted that the inspirational leadership, visionary courage and diplomatic judgment of president Buhari was instrumental to bringing together OPEC and non-OPEC member countries and reaching consensus.

He further said Nigeria would consistently be regarded as one of the most admired and respected members of the OPEC family, particularly in the realm of consensus building.

Commenting on the global economy, he said the forecast indicated that it would shrink by 4.3 per cent in 2020; all OECD economies are forecast to see a contraction, and all countries in Africa are anticipated to see a drop in GDP too.

Source: Premium Times

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