OPEC, Nigeria record drops in oil revenues for 2014

Members of the Organisation of Petroleum Exporting Countries (OPEC) have continued to suffer huge drops in yearly revenue as a result of the uncertainty of oil prices, The Guardian reports.

According to the OPEC yearly statistical bulletin, oil revenues dropped in 2014 below the psychological $1 trillion mark for the first time since 2010, which may be a sign that the cartel was yet to overcome the economic impact of lower prices for oil-rich nations.

OPEC said last week in its yearly statistical report that its 12-members earned $964.6 billion selling their petroleum, down by 12.7 per cent from $1.1 trillion in 2013 and the lowest amount since 2010. Specifically, Nigeria’s export earnings from crude oil in 2014 dropped from the $89 billion (about N19 trillion) it recorded in 2013 to $77 billion (about N16 trillion).

The country therefore, may have lost over N3 trillion from crude oil export earning as a result of the uncertainty of crude oil prices at the international market.

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