Angola’s has overtaken Nigeria as the largest oil producer after a production of 1.651 million barrels per day recorded this month as compared to Nigeria’s levels between 1.576 million barrels and 1.604 million barrels per day according to the Organization of the Petroleum Exporting Countries (OPEC).
Attacks on oil installations in Niger Delta region in 2016 in Nigeria have affected oil production in the country. OPEC via its monthly oil market report (MOMR), released the report Monday pinned on secondary sources – traders in the industry – and via direct communication with the country’s leadership.
Nigeria overtook Angola in December 2016 after a ceasefire was announced by Niger Delta militant but the southern African country has claimed the top spot again for the third time in ten months.
“Most African countries saw an oil production decline or stagnant output year-on-year in 2016 except Congo, which had growth from its new Moho Marine Nord project. In 2017, oil production will continue to grow by 30,000 bpd in Congo as well as in South Africa, Ghana and Chad. Declines are seen coming from Sudan, South Sudan and Equatorial Guinea. For the region, growth is expected at 70,000 bpd, to average 2.18 million bpd.” read the report
OPEC also revealed that Nigeria, Saudi Arabia and the United Arab Emirates recorded massive improvements in their economic outlook.
“In Nigeria, operating conditions in the country’s private sector improved in January for the first time in a year, as suggested by the Stanbic IBTC Bank Nigeria PMI,” OPEC said.