Nigeria's revenue from crude oil exports hits $11 billion in H1, 2023

Nigeria earned approximately $11 billion from crude oil exports in the first half of 2023.This is according to a data fact sheet that reveals the Organisation of Petroleum Exporting Countries' (OPEC's) earnings.According to the fact sheet, Nigeria's revenue for the same time in 2024 is expected to exceed that of 2023 by around $29 billion. The estimate was connected to a rise in global crude oil prices in 2024, according to the statistics. The latest data coincides with the recent decision by some members of OPEC+, which includes OPEC and allies such as Russia, to cut output voluntarily in April owing to the uncertain economic outlook.Six OPEC members further agreed in May, to reduce production output by a further 1.04 million BPD, a decision which continued through June. The American Energy Information Administration (EIA), the institution which published the data says the revenue figures for H1 2023 indicate a huge drop from the $34 billion earned in H1, in 2022.