Nigeria, Algeria and Angola Record Higher Petroleum Income

    A report from the Energy Information Administration (EIA) of the US Department of Energy, has revealed that Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC), recorded a higher income in excess of $128 billion in 2012.

    EIA provided no explanation for the rise in income of OPEC members in 2012, but analysts say it is due to higher oil prices and output by the organization, mainly crude producers in the Gulf.

    OPEC’s data showed the price of its basket of crudes average at a historic high level of nearly $109.5 a barrel in 2012 compared with $107 .4 in 2011. Also, OPEC pumped more oil in 2012 after a surge in Saudi output to around 9.8 million bpd from 9.3 million bpd. Analysts said OPEC’s output remained above 31 million bpd.

    Nigeria’s income particularly rose from $65 billion to $90 billion during the year under review, making it the fourth largest gainer in 2012. Angola grew from $56 billion to $68 billion. Algeria rose to $63 billion last year compared with $50 billion in 2010.

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