Public Management

Angola beats Nigeria again, becomes Africa’s top oil producer

Thursday, 14 April 2016 14:18

(Ecofin Agency) - Angola is now Africa’s top oil producer, as the country overtakes Nigeria in output level for the second time.

Nigeria’s oil production dropped by 67,000 bpd in March at 1.677 million bpd from the 1.744 million bpd in February making the country the second top oil producer country in Africa after Angola, according to the Organization of Petroleum Exporting Countries (OPEC).

Nigeria saw the highest fall in production in March followed by Venezuela. Exports and output of Nigeria’s Forcados crude remain closed as a result of an explosion on the subsea Forcados pipeline by militant attacks, causing a leak that warranted it to stop loadings. 

Meanwhile, Angola recorded an increase in its production to 1.782 million bpd in March from 1.767 million bpd in February. The country in November 2015 surpassed Nigeria in production level as it recorded a production of 1.722 million bpd, from the 1.607 million bpd produced by Nigeria.

According to Punch news, OPEC’s overall crude oil output in March was around 32.25 million bpd, a slight rise of 15, 000 bpd from the previous month.

Crude oil output increased mostly from Iran, Iraq and Angola, while production decreased in UAE, Libya and Nigeria,” OPEC said in its Monthly Oil Market Report for April.

The group is confident that the supply of crude oil nonmembers will drop beyond expectations.

OPEC currently sees output dropping by 730,000 bpd over the year, compared to the earlier estimate of 700,000 bpd, to around 56.39 million bpd in 2016.

The 13-member cartel to some extent ascribed the 20% rise in oil futures last month to weaker non-OPEC supply in 2016, supply interruptions in Iraq and Nigeria, signs that US shale is decreasing, as well as hopes of a decision to freeze or cut supply by major crude exporters in Doha on April 17.

Anita Fatunji

 
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