Nigeria made $55b from oil exports in 2007, says U.S

No Comments » February 21st, 2008 posted by // Categories: Energy Development Project



Thursday, February 21, 2008              

Nigeria made $55b from oil exports in 2007, says U.S

  • Ranks second poorest OPEC member
    From Laolu Akande,New York

    INFORMATION made public by the United States (U.S.) government on earnings by members of the Organisation of Petroleum Exporting Countries (OPEC) for 2007 has placed Nigeria fourth on the ladder with a total income of $55 billion.

    The amount, the report noted, did not translate into improved standards of living for the citizens as their plight remained deplorable with a mere $409 as per capita income.

    The report came as crude oil prices again jumped to over $100 a barrel yesterday.

    The figures were released by the Energy Information Agency of the U.S. Energy Department earlier.

    With the figure, Nigeria emerged the fourth highest revenue earner among OPEC countries coming behind Saudi Arabia, which earned $189 billion, United Arab Emirates (UAE), which made $63 billion and Iran’s $57 billion.

    Although Nigeria featured prominently among the four leading nations in OPEC in terms of oil export revenues, the country lagged behind significantly in per capita distribution.

    For instance, while Iran, which made $57 billion, had a per capita net income of $876. Nigeria also continued to do poorly in the per capita distribution that it was virtually at the rung of the ladder ahead only of Indonesia, which recorded a deficit of -$4 billion in oil revenues and a deficit of -$18 in the per capita net income.

    Even Ecuador, which earned only $8 billion from oil exports last year, a fraction of Nigeria’s total income did better with per capita income of $565.

    African oil producing countries like Algeria and Angola also did better than Nigeria in per capita net income. Although Algeria made less than Nigeria from oil revenue, recording $51 billion, its per capita net income was put at $1,516, tripling Nigeria’s figure.

    Angola had a total oil exports revenue of $44 billion, but it’s per capita stood at $3,566.

    However in the U.S., the jump in oil prices is affecting fuel and heating oil prices, which have also been on the ride, causing greater concern as the winter season gets even colder.

    But the rise of the oil prices in the international market above $100 is being attributed to several factors such as the lingering crisis in the Niger Delta region.

    Other factors include a refinery explosion in Texas, a floundering American dollar, expectations that OPEC countries would cut output in March, and the increasing diplomatic tensions between the U.S. and oil producer, Venezuela, which is threatening to sue ExxonMobil.

    In America, car fuel prices soared past $3 a gallon for the first time in four weeks, following a steep rise in crude oil costs, the U.S. Energy Information Administration, said yesterday.

    Western news agencies reported yesterday that the price of crude for March delivery rose $4.51, or 4.7 per cent to $100.01 a barrel on the New York Mercantile Exchange. The record close was accompanied by a record price of $100.10 a barrel, the highest since trading on the Nymex began in 1983.


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