Nigeria exported N2.3 trn crude oil between Oct and Dec 2017

NIGERIA exported 126.96 million barrels of crude oil and condensates worth N2,374,564,896,000 or $7,760,016,000 in the fourth quarter of 2017 according to official documents available to Nigerian Tribune.

However, total foreign exchange inflow and outflow through the Central Bank of Nigeria (CBN) amounted to US$14.71 billion and US$8.38 billion, resulting in a net inflow of US$6.33 billion.

During the three-month period under review, crude oil production, including condensates and natural gas liquids, averaged 1.80 million barrels per day (mbd) or a total of 165.60 million barrels (Mb).

This represented a decline of 0.03 mbd or 1.8 percent, compared with 1.83 mbd or 168.36 Mb recorded in the preceding quarter, which was attributed to shut-ins/shut-down in some of the production facilities.

“Crude oil export stood at 1.35 mbd or 124.20 Mb, representing 2.4 percent decline compared with 1.38 mbd or 126.96 Mb in the preceding quarter.

“The development was due, mainly, to the continued commitment by OPEC and Non-OPEC countries to avoid flooding the global market, despite the exemption of Nigeria from the production cap agreement. Allocation of crude oil for domestic consumption was maintained at 0.45 mbd or 41.40 million barrels in the review quarter.”

The average spot price of Nigeria’s reference crude oil, the Bonny Light (37° API) rose from US$52.92 per barrel in the third quarter of 2017 to US$62.48 per barrel in the review quarter, representing an increase of 18.1 percent.

The UK Brent, at US$61.69/b, the WTI at US$55.47, and the Forcados at US$62.60/b exhibited similar trends as the Bonny Light while the average price of OPEC basket of fifteen selected crude streams was US$59.35/b in the fourth quarter of 2017.

This represented the increase of 18.8 percent and 24.9 percent relative to the average of US$49.97/b and US$47.52/b in the preceding quarter and the corresponding quarter of 2016, respectively (Figure 13, Table 13).

World crude oil demand and supply were estimated at 97.77 mbd and 97.28 mbd, respectively, in the fourth quarter of 2017.

Foreign exchange sales by the CBN to the authorised dealers amounted to US$5.08 billion, compared with US$6.49 billion in the preceding quarter.

“The average exchange rate of the naira vis-à-vis the US dollar at the investor and exporter window appreciated by 0.5 percent to N360.47/US$, while the rate at the inter-bank segment depreciated marginally by 0.1 percent to N305.96/US$ at end-December 2017.

“External reserves increased by 18.7 percent to US$39.35 billion at the end–December 2017”, the document revealed.