Nigeria’s Crude Oil Sales Earnings Saw Steep Decline in 2023

SEATTLE (Oil Monster): The previous year's earnings from the sale of crude oil saw a significant fall, according to the Federal Government of Nigeria.

As per the 2022 and 2023 Independent Oil and Gas Industry Report by the Nigeria Extractive Industries Transparency Initiative (NEITI), the revenue generated from the sale of crude oil had a 79% decrease, rising from $11.199 billion in 2022 to $2.329 billion in 2023. In contrast to the 109.313 million barrels sold in 2022, just 28.091 million barrels of crude oil were sold in 2023.

According to the research, there was a 74% fall in sales over the previous year.

From 176.012 million barrels in 2022 to 196.344 million barrels in 2023, NNPC Limited's total sales rose. On the other hand, the average annual price of crude sold decreased significantly. NNPC Ltd. calculated that the average annual selling price of crude oil in 2023 was $83.61 per barrel. The average price per barrel saw a significant decline from US$103.63 in 2022.

The overall downward trend in global oil prices over the course of the year is primarily responsible for the drop in average selling prices.

The report recommended that the federal government put plans into place to maximize revenue from the oil industry.

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