Nigeria and other members of the Organization of Petroleum Exporting Countries (OPEC) made $873.6 billion in revenue from oil exports in 2022.
Compared to the previous year, OPEC’s oil export revenue increased by 54%, reaching its highest point in almost 10 years. This growth was largely due to the impact of Russia’s war on Ukraine, which caused crude oil prices to surge, and the decision by key OPEC members to increase production.
Last year, the price of crude oil reached its highest level since 2014, averaging $99 per barrel. This was due in large part to the disruption of energy supplies from Russia, which faced international sanctions in response to its military actions in Ukraine.
However, the average price for OPEC member states’ crude oil grades in 2022 was over $100 per barrel. This figure was calculated based on a weighted average of the various types of oil produced by the member states. The price of crude fluctuated throughout the year, but remained relatively high due to a variety of factors including supply chain disruptions, geopolitical tensions, and the ongoing effects of the COVID-19 pandemic.
Also, OPEC’s revenues reached an all-time high of $1.2 trillion in 2012, at the same time that the use of hydraulic fracturing technology led to a boom in shale oil production in the United States. This glut of oil on the market caused prices to crash, leading Saudi Arabia and Russia, historically bitter competitors, to band together to form OPEC in an attempt to stabilize prices.