Africa Oil & Gas: Angola is no longer Africa’s largest oil producer

OIL BarrelsIn May Angola lost its place as Africa’s main oil producer and fell further back in June, with Nigeria occupying that position once again, according to the monthly oil market report for July 2017.

Based on secondary sources, in May Angola produced 1.602 million barrels of oil against 1.637 million barrels by Nigeria, with this difference increasing in June with Angolan production of 1.668 million barrels and Nigerian production of 1.733 million barrels.

In June, compared to May, Angolan production increased by 66,000 barrels per day, while Nigeria recorded an increase of 96,700 barrels per day.

On the basis of direct communication, Angola only lost its place as the largest oil producer in Africa by 1,000 barrels per day, with production of 1.662 million barrels, against 1.663 million barrels by Nigeria.

In June, Nigeria’s production increased by 168,800 barrels per day, while Angola’s increased by 69,000 barrels.

Meanwhile, Portuguese news agency Lusa reported that last June the average value of a barrel of oil sold by Angola stood at US$44.5, already below the US$46 on which the 2017 State Budget was based.

The agency also noted that the price of a barrel of oil in June dropped by US$6 compared to May. (source: macauhub)

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