Nigeria’s oil revenue dropped by $35.67 billion (about N7 trillion) in 2015 according to the report in the Organisation of Petroleum Exporting Countries (OPEC)’s annual statistics bulletin released yesterday. The report showed that the country earned $41.818 billion from the sale of crude oil (about N8.27 trillion) compared to $77.48 billion earned in 2014 – a drop by about 46 percent. The country’s major export destinations within the period were Europe (992.3mb) and Asia and Pacific as the second (550mb). The OPEC members earned $518.2 billion in 2015 from the sales of crude and refined fuels, within the period, according to the report. That’s a 45.8% drop from the previous year, and the lowest level since 2005. Other highlights of the report showed that in 2015, world crude oil production increased by 1.75 million barrels/day (mb/d), or 2.4 per cent, compared with 2014, marking the second-highest increase within the […]