Seven crude oil and gas exporting African countries earned a total of $522.801 billion between 2015 and 2019, Organization of the Petroleum Exporting Countries, OPEC, has disclosed.
The Commerce Africa’s analysis of the OPEC’s 2020 Annual Statistical Bulletin released on Monday revealed that Nigeria, major exporter from Africa, earned $206.06 billion in five years to lead other oil exporting African countries on the table.
Others include Angola which earned $160.024 billion followed by crisis bedeviled Libya which earned $84.874 billion to lead Congo, Gabon, Equatorial Guinea and Algeria which earned $26.598 billion, $19.650 billion, $14.094 billion and $11.496 billion respectively.
According to the Annual Statistical Bulletin, Nigeria was the fifth biggest revenue-earner in 2019 in OPEC after Saudi Arabia ($202.37bn), Iraq ($80.03bn), Kuwait ($52.43bn) and the United Arab Emirates ($49.64bn).
The report noted that OPEC’s 13 members suffered an 18.4 per cent contraction in their oil export revenue in 2019 on slumping prices.
The total earnings of OPEC exporters fell to $564.9bn in 2019 from $692.3bn in 2018 no thanks to low demand, crashing of prices occasioned by continued competition from non-OPEC producers and impact of COVID-19 pandemic.