OPEC said Nigeria's crude oil export earnings, which had dropped by 77% between January and April 2020, rebounded by 116% in November.
Production cuts from OPEC countries and other allies have helped to revive the price of Brent Crude.
Yesterday, OPEC released its monthly oil market report for December which showed that Nigeria’s oil production dipped to a new low.
In December last year, member of OPEC pumped less crude per day, in compliance with an output cut that was agreed by the world’s oil cartel.
The Economic report of the CBN has revealed that the country earned N5.37 trillion from the sale of oil between August 2018 and July 2019.
The @DangoteGroup refinery will be a significant contributor to oil production in West Africa, the Organisation of Petroleum Exporting Countries (OPEC) has noted.
Despite the reduction in crude oil production by OPEC and non-OPEC members, the past few days marked constant fluctuations in crude oil prices.
The El Sharara Oil Field in Libya has recommenced operation after a three-month siege by militants shut down operations.
Donald Trump called on OPEC to lower oil prices because the world cannot handle a hike.
