Nigeria shipped 107,880,239 metric tons of crude oil valued at N12.2 triilion ($61,707,496,708) to other countries in 2014, checks has revealed. In the energy parlance, one ton translates to 7.15 barrels. Given that a barrel of crude traded at about $110 up till June last year before falling to around $50 par barrel in December, our calculation was based on $80 per barrel. Consequently, 7.15 multiplied by $80 equals $572; 572 multiplied by 107,880,239 tons equals $61,707,496,708. Last year’s figure was two per cent higher than 107,686,011 metric tons recorded in 2013.Read more @ New Telegraph
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