Africa Oil & Gas: Angola oil output grows to 1.533 Mi barrels per day in October

Angola’s oil output rose by 22,000 barrels per day (bpd) in October to 1.533 million bpd, according to the Organization of Petroleum Exporting Countries (OPEC).

In the same time period, Nigeria saw its production drop by 17,000 bpd to 1,751 million bpd, also according to secondary sources, remaining the largest oil producer in Africa.

Angola led oil production in Africa for practically the whole of 2016 and until May 2017, the month in which it lost that position to Nigeria.

Based on direct communication, Angola’s oil production fell by 32,000 bpd to 1,457 million bpd, with Nigeria moving in the opposite direction, with an increase of 138,000 bp to 1.772 million bpd.

The agreement reached between the oil-producing countries to reduce production and push up the price of each barrel of oil forced Angola to cut 78,000 bpd with effect from 1 January, 2017, to a limit of 1.673 million bpd.

Angola, along with Saudi Arabia and Russia, is one of China’s main oil suppliers, but the now released report on the oil market makes no reference to the market share of each of the three countries. (source: Macauhub)