Nigeria's April oil revenue plummeted by 98%

China Petrochemical News Network reported on June 2 that according to local media reports, Nigeria’s National Petroleum Corporation stated that Nigeria’s crude oil export revenue from March to April this year fell by 98% due to fluctuations in gasoline prices.

According to NNPC, oil export revenues in April were US$1.

According to the report, crude oil exports totaled 66.

Despite the OPEC+ agreement, Nigeria still hopes to increase oil production in the long term.

According to NNPC, the agreement will bring up to US$10 billion in new investment to the Nigerian oil industry.

The oil and natural gas industry in Africa’s largest oil producer accounts for one-tenth of its GDP, and its oil export revenue accounts for 86% of its total export revenue.

Cao Haibin excerpted and translated from oil price network

The original text is as follows:

Nigeria's Oil Revenues Slump 98% In April

Nigeria's crude oil export revenues slumped by as much as 98 percent from March to April this year because of movements in the price of gasoline, the Nigerian National Petroleum Corporation said, as quoted by local media.

The April revenues from oil exports stood at $1.

Exports of crude in March totaled 66.

Despite the OPEC+ agreement, Nigeria is looking to boost its oil production over the long term.

According to the NNPC, the deal could unlock up to $10 billion in new investments in Nigeria's oil industry.

The oil and gas industry in Africa's largest oil producer accounts for a tenth of gross domestic product, with oil export revenues accounting for as much as 86 percent of total export revenues.