Angola Tops Africa’s Crude Oil Producer Spot As Nigeria Loses

Nigeria has been knocked off as Africa’s top crude oil producer by Angola. 

 

This was revealed in the direct communication data of April 2023 monthly oil market report (MOMR) released by the Organization of Petroleum Exporting Countries (OPEC).

 

Nigeria’s recorded its lowest production rate in 2023 with 999,000 barrels per day in April. Angola recorded 1.06 million barrels per day of crude production in April 2023, while Algeria also recorded 999,000 barrels per day during the highlighted period.

 

Total OPEC-13 crude oil production averaged 28.60 million barrels per day (mb/d) in April 2023, lower by 191 thousand barrels per day (tb/d), month-on-month. Crude oil output increased mainly in Saudi Arabia, Angola and Iran, while production in Iraq and Nigeria declined.

 

This isn’t the first time Nigeria will be losing the spot to Angola. In 2022, several oil and gas companies as well as crude producing countries made gains from higher oil prices due to the Russia-Ukraine war, but Nigeria was unable to gain from the price rally because of crude oil theft.

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