The organization of Petroleum Exporting countries (OPEC) has revealed that Angola toppled Nigeria as the continent’s leading crude oil producer despite the steady growth the country is enjoying in her crude oil production Leadership reports.
According to Leadership, this is the third time Angola will be replacing Nigeria at the top position. The current slide could be traced to the disruption carried out on oil facilities by the Niger Delta militants in the middle of 2016. OPEC’s monthly Market report that was recently released shows that Angola’s production now stands at 1.6 million barrels per day.
Angola is said to be producing average of 1.6million per day while Nigeria on the other hand are a little bit short of that
For direct communications between the country and OPEC, production levels were put at an average of 1.615 million barrels per day. Nigeria, on the other hand, had its production levels at 1.576 million barrels per day and 1.604 million barrels per day, according to secondary sources and direct communications, respectively.
As it stands, event has seem overtaken this report as it is in sharp contrast to earlier report from Bloomberg that claim Nigeria’s oil output which was drastically reduced by militant attacks last year, recovered to an average of 1.64 million barrels per day last month from 1.5 million bpd in December. This is contained in a recent publication by Thisday and from all indications, there hasn’t been any form of crude oil production disruptions in recent times hence, making the alleged drop unfounded.
What are your thoughts on this?
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