24 August 2018 :According to a recently released Organization of Petroleum Exporting Countries (OPEC) revenues fact sheet published by the US Energy Information Administration (EIA), the 15 members of OPEC recorded a combined net oil export revenue of $428 billion between January and July 2018. Nigeria accounted for c.6% of this figure ($27 billion) and was the sixth highest earner, with Saudi Arabia topping the list with a reported $130 billion in revenue for the period. 

While the report showed that Nigeria recorded a total of $34 billion in net oil export revenue in 2017, annualizing the current ytd figure shows a potential FY’2018 revenue figure of $46 billion. Whilst analysts expect oil revenue for the rest of the year to be supported by a recovery in oil volumes in the coming months, analysts note that global oil prices are likely to be lower in H2’18 amid production increases in the U.S., Russia, and larger OPEC nations. 

Reporting for EasyKobo on Friday ,24 August 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited