By Babajide Okeowo
After Nigerian oil revenue drastically dropped by 77 percent between January and April this year, the country’s earnings from the export of crude oil have recorded a rebound of 116 percent, the Organisation of Petroleum Exporting Countries disclosed on Tuesday.
The 116 percent rebound was recorded in November this year when compared to its April 2020 levels.
OPEC’s Secretary-General, Mohammad Barkindo, disclosed this in his address as the Honorary Conference Chairman of the Virtual 19th Nigeria Oil and Gas session.
Barkindo stated that considering the drop in revenues over this period, the government’s measures had helped minimise the effects of the economic downturn.
“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” Barkindo stated.
He also noted that the country’s economic contraction in the second and third quarters of 2020 was not as much as had been originally anticipated going by the impact of the COVID-19 pandemic globally.
Barkindo also stated that OPEC took some effective decisions in response to the unprecedented oil demand slump resulting from the COVID-19 pandemic.