Nigeria exported crude oil worth N2.3 trn between Oct and Dec 2017

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Nigeria exported 126.96 million barrels of crude oil and condensates worth N2,374,564,896,000 or $7,760,016,000 in the fourth quarter of 2017, Nigerian Tribune reports.

However, total foreign exchange inflow and outflow through the Central Bank of Nigeria (CBN) amounted to US$14.71 billion and US$8.38 billion, resulting in a net inflow of US$6.33 billion. During the three-month period under review, crude oil production, including condensates and natural gas liquids, averaged 1.80 million barrels per day (mbd) or a total of 165.60 million barrels (Mb).

This represented a decline of 0.03 mbd or 1.8 percent, compared with 1.83 mbd or 168.36 Mb recorded in the preceding quarter, which was attributed to shut-ins/shut-down in some of the production facilities. Crude oil export stood at 1.35 mbd or 124.20 Mb, representing 2.4 percent decline compared with 1.38 mbd or 126.96 Mb in the preceding quarter.

“The development was due, mainly, to the continued commitment by OPEC and Non-OPEC countries to avoid flooding the global market, despite the exemption of Nigeria from the production cap agreement. Allocation of crude oil for domestic consumption was maintained at 0.45 mbd or 41.40 million barrels in the review quarter.”