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Africa Big Oil: Angola overtakes Nigeria to become continent’s largest oil producer
Angola overtook Nigeria as the leading producer of African oil in March, according to the latest monthly report on the oil market released by the Organization of Petroleum Exporting Countries (OPEC).
Angolan oil production in March, accordingto secondary sources, totalled 1.778 million barrels per day (bpd), a real increase of 18,300 bpd, while Nigeria dropped by 39,400 bpd to 1.722 million bpd.
Based on direct communication from producing states, OPEC announced that in March Angola produced 1.782 million bpd, a real increase of 15,000 bpd, and Nigeria reported a drop in production of 67,500 bpd to 1.677 million bpd .
March was the second time in five months that Angola overtook Nigeria in oil production after in November 2015 it produced 1.722 million bpd, a monthly increase of 115,000 barrels per day, against a Nigerian production of 1.607 million bpd with a real fall of 250,000 barrels per day.
OPEC also said that production of member countries in March stood at an average of 32.25 million bpd, a marginal increase of 15,000 pbd, and significant decreases in the United Arab Emirates, Libya and Nigeria. (macauhub/AO)
We may need to look at this in a different perspective. First why is Angola puting much oil out there when the price of a barrel is down? Nigeria traditional and top oil producer in Africa might be adjusting their production to reduce the impact of low income that oil producers are standing for at the moment, plus to consider Angola Africa number 1 producer it might be consistent. Two take overs in 5 months and not consecutive it’s a clear indicator that more is needed.