Angola displaces Nigeria as Africa’s leading oil producer

Angola displaces Nigeria as Africa’s leading oil producer

Tuesday, February 14, 2017 2:19 pm

With daily production of 1.651 million barrels recorded this month, Angola’s has overtaken Nigeria as Africa’s largest oil producer, according to the Organization of the Petroleum Exporting Countries (OPEC).

Nigeria overtook Angola in December 2016 after a ceasefire was announced by Niger Delta militant but the southern African country has claimed the top spot again for the third time in ten months.

The West African country’s production levels ranges between 1.576 million barrels and 1.604 million barrels per day, CGTN Africa reports based on figures provided in OPEC’s monthly oil market report (MOMR).

“Most African countries saw an oil production decline or stagnant output year-on-year in 2016 except Congo, which had growth from its new Moho Marine Nord project. In 2017, oil production will continue to grow by 30,000 bpd in Congo as well as in South Africa, Ghana and Chad. Declines are seen coming from Sudan, South Sudan and Equatorial Guinea. For the region, growth is expected at 70,000 bpd, to average 2.18 million bpd,” CGTN quotes Opec as saying in the report.

OPEC also revealed that Nigeria, Saudi Arabia and the United Arab Emirates recorded massive improvements in their economic outlook.

“In Nigeria, operating conditions in the country’s private sector improved in January for the first time in a year, as suggested by the Stanbic IBTC Bank Nigeria PMI,” OPEC said.

Credit: CGTN Africa

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