Angola Becomes Africa’s Top Oil Producer, Displaces Nigeria

crude oil prices

By Dipo Olowookere

Nigeria has lost its spot as Africa’s top oil producer to Angola, producing 1.651 million barrels per day (bpd) compared with the 1.604 million bpd produced by the West African country.

In a report released on Monday by the Organization of Petroleum Exporting Countries (OPEC), it was disclosed that crude oil production declined in Saudi Arabia, Nigeria and Venezuela.

However, in the OPEC’s Monthly Oil Market Report (MOMR), crude oil output increased the most in Iraq, Angola and Libya.

“Crude oil output increased the most in Iraq, Angola and Libya, whiles production in Saudi Arabia, Nigeria and Venezuela showed the largest decline,” the report said.

In December 2016, Nigeria displaced Algeria as Africa’s top producer of crude oil.

In recent times, activities of militants in the oil-rich Niger Delta region of Nigeria have caused reduction in the volume of crude oil produced by the country.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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