Nigeria’s oil export value drops below $46m in 2015

A document obtained by the Daily Times has revealed how Nigeria’s oil export value dropped below $46 million in 2015.

According to data from the Organisation of Petroleum Exporting Countries, OPEC, Nigeria’s oil export slipped from $80.579 million in 2010 to $45.365 million in 2015.

In 2010, the country’s oil export was $80.579 million. Export spiked in 2011 to $99.878 million, while in 2012, it came down to $96.905 million.

Export heighted again in 2013 to $97.818 million, while in 2014, it dropped again to $82.586 million.

However 2015 witnessed the biggest hit as oil export relapsed to $45.365 million.

Comparing the data of export value from other OPEC countries in 2015, it shows that Nigeria ranked as the fourth country with the lowest export value.

In 2015, Algeria had $37.787 million, Angola $32.637 million, Ecuador with $18.366 million, Indonesia had one of the largest with $150.283 million.

Iran had $77.974 million and rival Iraq had $54.667 million. Kuwait was above Nigeria with $54.667 million, with Libya being the lowest with $10.861 million.

Qatar had $77.294 million, while Saudi Arabia had the second largest with $205.447 million.

United Arab Emirates had the largest $333.370 million, and Venezuela had $38.010 million.

In total, OPECs oil export value was $1.137.020 billion in 2015.

Nigeria’s economy had been under recession since early 2015 when oil prices crashed globally.

The drop in prices met with series of attacks on the country’s oil and gas installations by oil militants in the Niger Delta.

The Niger Delta Avengers sprang up last year immediately President Mohammed came to office, undermining the effort of previous governments to stem the tide of oil militants like defunct Movement for Emancipation of Niger Delta, MEND.

Even as the Buhari government has been trying to dialogue with the NDA, talks have been difficult as other militant groups have sprang up.

Oil militant groups in the region are demanding a greater share in the resources as their means of livelihood such as farmlands and rivers have been polluted by oil spills.

The militants have also prevented oil companies whose facilities were vandalised from carrying out repairs, an action which has affected production and export.

At the moment, Nigeria now produces lesser than other OPEC countries, with its production down 700,000 barrels per day.

This shows that tougher days looms for the country’s oil export value in 2016, as even the oil majors are yet to lift force majeur on export.

Recent reports also revealed that bombing of oil pipelines in the region had resumed after just few weeks of ceasefire.

With the resumption of the vandalisation of pipelines, the Buharis regime has instructed the air force and military on a fire for fire approach which has led to the loss of lives of some militants and soldiers.