OPEC 15-Member Countries Earn $417bn In 7months – Report

According to a fact sheet report published by the US Energy Information Administration (EIA), the 15-member OPEC countries earned a total of $417 billion between January and July 2018.

The OPEC revenues fact sheet report showed that Nigeria earned $26 billion about N7.93 trillion, from oil exports within the period making it the sixth largest revenue earner among OPEC member countries.

The report showed Saudi Arabia placed top earner among OPEC nations within the period under review with a total oil export proceed of $126 billion.

While Equatorial Guinea and Ecuador placed least, Angola, Nigeria’s closest rival in Africa, placed seventh with total earnings of $21 billion within the period.

Meanwhile, Nigerian oil supply is projected to hit a three-month high by October. Loading of Nigerian crude will rise to 1.73 million barrels per day, from September’s 1.41 million bpd, Reuters reports.

The export plan comprised 57 cargoes, compared with 48 cargoes in September’s loading schedule. Both the Qua Iboe and the Forcados streams will load fewer cargoes, while Bonny Light contains the same number of cargoes and Escravos will load one extra.

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