NIGERIA earned $42 billion (N6.7 trillion) revenue from crude oil export between January and June 2013.

Meanwhile, the United States Energy Information Administration (EIA) has put the country’s earnings from the commodity in 2012 at $93 billion (N14.8 trillion). EIA, which made this disclosure in its fact sheet on international crude oil revenue, released last week, estimated that the Organisation of Petroleum Exporting Countries (OPEC), earned $982 billion in net oil export revenue in 2012.

Nigeria earned higher income from crude oil export, compared to Angola, which earned $68 billion in 2012 and $33 billion between January and June 2013.

This EIA believed, the OPEC overall earnings represent a five per cent increase from 2011, and the largest level over the 1975-2012 period for which EIA has tracked OPEC oil revenues. EIA expected Saudi Arabia earned the largest share of these earnings, $311 billion in 2012, representing approximately 32 per cent of total OPEC revenues.

According to the fact sheet, based on projections from the EIA July 2013 Short-Term Energy Outlook, EIA estimates that members of OPEC, not including Iran, could earn about $940 billion of net oil export revenues in 2013 and about $903 billion in 2014, in nominal terms. It noted that these net export earnings do not include Iran’s revenues, due to the difficulties associated with estimating Iran’s earnings, including its inability to receive payments and possible price discounts Iran offers its existing customers.

“Net oil-export revenue by the 12-member organisation climbed 5.4 per cent last year from 2011. Sales will tumble by 4.3 per cent to $940 billion this year and by 3.9 per cent to $903 billion next year.

“Demand for OPEC’s crude will slip by 300,000 barrels a day next year to 29.6 million barrels, or 2.6 per cent less than the group is pumping now, OPEC said July 10 in its first set of forecasts for 2013. Exports to North America face growing competition from a surge in production from shale basins in the U.S. and Canada. U.S. crude output reached 7.35 million barrels a day at the end of April, up 17 per cent from a year earlier.

EIA estimates that global liquid fuels production outpaced consumption in the second quarter of 2013, resulting in an average global liquid fuel stock build of 300,000 bblpd compared with an average second quarter stock draw of about 210,000 bblpd over the last four years, thus producing a swing of over 500,000 bblpd.

Forecast global liquid fuels consumption comes close to matching liquid fuels production in the third quarter of 2013 with estimated global inventory withdrawal averaging 70,000 bblpd, compared with the average withdrawal of 890,000 bblpd during the same period over the previous four years.
http://www.ngrguardiannews.com/business-news/128407-nigerias-crude-oil-earnings-hit-n67-trillion-in-first-half-of-2013

Alhaji Umaru Dikko is back to show the ruling party how to spend oil money.
The vultures are , it seems, getting ready to finish what is left of Nigeria.

And still without electricity and water to flush toilets AND BAFF awa funky, black azzzzes!

No Nationally-owned airlines!
International coffins as the best healthcare for 'wealthy' NIGGGGGGERians!!!!

This is good news for Nigeria! Despite the jostling for our oil and the high prices during the inglorious 8 years of Obj, annual oil revenue to the nation then was hovering between $22 billion - $31 billion one wonders now how the same oil with a drop in prices (compared to Obasanjo era) is now fetching the country over $90 billion a year and even over $40 billion within 6 months

i wanna know where the money go.