UPDATES: Nigeria Loses Status As Africa’s Top Oil Producer
Nigeria has lost its status as Africa’s top oil producer of crude oil as production fell by 250,000 barrels per day last month.
Latest data from the Organisation of Petroleum Exporting Countries (OPEC) showed that Nigeria lost its status to Angola.
Ships and Ports reports that Nigeria recorded the biggest drop in output in November among its peers in OPEC, followed by Saudi Arabia, the group’s biggest producer.
According to OPEC’s latest monthly oil market report, crude oil production from Nigeria at 1.607 million bpd in November based on direct communication, down from 1.812 million bpd in October.
Angola’s crude oil output dropped from 1.762 million bpd in October to 1.722 million bpd last month.
Venezuela produced 2.587 million bpd in November as against 2.601 million bpd in October while Saudi Arabia’s output declined to 10.186 million bpd from 10.276 million bpd in October.
Total OPEC crude oil production reportedly increased by 230,000 bpd in November over the previous month to average 31.70 million bpd. Crude oil output increased mostly in Iraq, by around 248,000 bpd, to average 4.3 million bpd.
However, experts have projected that Africa’s oil supply is bound to decline by 30,000 bpd to average 2.31 million bpd in 2016 year-on-year.