The Organization of Petroleum Exporting Countries (OPEC) has reported the country’s national crude oil export earnings rebounded by 116 per cent in November in comparison to the 77 percent recorded in April 2020.
OPEC Secretary General Mohammad Barkindo revealed this at the 19th Nigeria Oil and Gas Conference that took place virtually on Tuesday. It was themed “Fortifying the Nigerian Oil and Gas for Economic Stability and growth.”
He said the Federal government should be applauded for its proactive steps 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 extended appreciation to president Muhammadu Buhari for his advocacy in the declaration of cooperation (DOC) process between OPEC and non-OPEC producing countries.
“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.
On a global scale, Barkindo said participating countries will adjust production by 500,000 thousand barrels per day (tb/d) from 7.7 million barrels per day (mb/d) to 7.2 mb/d from January 2021.
“The year 2021 certainly looks brighter, with preparation underway for widespread delivery of COVID-19 vaccines. Once this process is in motion, the global economy and oil demand are expected to progress in leaps and bounds,” he explained.
