Tuesday, January 10, 2017
HURRAY! Nigeria Overtakes Angola To Retain Africa's Top Oil Producer
The Organisation of Petroleum Exporting Countries (OPEC), crude oil production from Nigeria rose slightly above that of Angola even before the January 2017 planned production cut agreed by OPEC and non-OPEC producers, ThisDay Newspaper quoted the December 2016 Monthly Oil Market Report (MOMR).
Angola would be expected to cut about 78,000 barrels per day (bd) of its production in the agreement which was sealed in late 2016.
According to Thisday, secondary sources in the MOMR indicated that in November, Nigeria and Angola produced 1.692 million barrels (mb) of oil apiece. Similarly, information from primary sources in the MOMR stated that Nigeria produced 1.782mb of oil as against Angola’s 1.688mb to show its takeover of Angola by about 94,000bd.
“According to secondary sources, OPEC crude oil production in November increased by 151tb/d compared to the previous month to average 33.87mb/d. Crude oil output increased the most in Angola, Nigeria and Libya, while production in Kuwait and Saudi Arabia showed the largest decline”.