Do you know Nigeria’s share of world crude oil reserves as a member of the Organisation of Petroleum Exporting Countries (OPEC.
The global oil cartel not only aggregates oil producing countries like Nigeria, but also helps in stablising the price of the crude in the international market.
Over time, Nigeria has reaped a windfall in oil revenue, especially when turbulence, either naturally or man-made had hit the global supply of this premium crude.
Other members of OPEC are Indonesia, Iran, Venezuela, and Kuwait to mention some.
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According to current estimates, 79.1% (1,241.33 billion barrels) of the world’s proven crude oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.3% of the OPEC total.
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Cami Ezenwa is a writer, editor and concepts developer. He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television, to mention a few.
Committed to grooming the next generation of impactful writers, he is an apostle of free flowing prose.
