TheCable

The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil export earnings recorded a rebound of 116 percent in November 2020 when compared to those recorded in April.

Mohammad Sanusi Barkindo, OPEC secretary-general, explained that Nigeria’s crude oil export earnings had dropped by 77 percent between January 2020 and April 2020.

Barkindo was speaking at the 19th Nigeria oil and gas conference that held virtually on Tuesday.

He said the federal government’s proactive response with economic stimulus packages for businesses and families helped to protect the economy from a more severe contraction.

“The economic contraction in the second and third quarters was not as much as had been originally anticipated, and considering the drop in revenues over this period, the government’s measures have helped minimize the effects of the economic downturn,” Barkindo said.

“Nigerian crude oil export earnings plunged by 77 percent within three months between January to April 2020, but since then they have gradually improved and rebounded by 116 percent in November compared to April 2020 levels.

“The government should be applauded for its quick and robust actions.”

He thanked Muhammadu Buhari for the role he played in the declaration of cooperation (DoC) process between OPEC and non-OPEC producing countries.

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.

He also said OPEC and non-OPEC ministerial meetings will be held monthly to assess market conditions and determine further production adjustments starting from January 2021.