News Top Stories

Barkindo: $1trn oil revenue lost by OPEC members in 2 years

The Organisation of the Petroleum Exporting Countries (OPEC), yesterday said Nigeria and oil-producing members lost about $1 trillion in revenue within two years. Secretary-General of OPEC, Mr. Sanusi Barkindo, who disclosed this at the 2021 Nigeria International Petroleum Summit, held in Abuja on Monday, said the loss was as a result of the plunge in oil prices between 2015 and 2016. He said the fall in oil revenue affected government spending and investments during the period, adding that exploration and production spending fell by 25 per cent, amounting to above $300 billion, in both 2015 and 2016. He said: “In terms of foregone revenues to OPEC member countries during this oil cycle, collectively about $1 trillion was lost as a consequence of the plunge in prices in 2015 and 2016.

“No member country of OPEC was insulated from such a contraction in oil revenues during this cycle. This had a severe impact on the resources available to the government to pursue its development programmes.” On the dip in oil revenue in 2020, Barkindo said the situation was aggravated by the coronavirus pandemic which impacted global oil demand. He said developing economies were most affected as several jobs were lost during the period. He said: “Similarly, the 2020-21 recession was also caused by extraneous factors far beyond Nigeria’s borders. The devastating spread of COVID-19 severely impacted global oil demand and, again, developing economies were exposed.

“There were significant job losses across the industry, as well as increasing financial and operational stresses for many companies. In fact, a record number of companies in our industry filed for bankruptcy.”




Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...




%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica