Nigeria overtakes Angola as Africa's top oil producer

Nigeria overtakes Angola as Africa's top oil producer

Nigeria has finally overtaken Angola to reclaim the position as Africa’s top oil producer after the latter had held the position for seven months.

Angola had led with 1.7 million barrels produced per day which was above Nigeria’s 1.5 million barrels.

NAIJ.com studied OPEC's regular report and came up with the following conclusions:

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According to the Organisation of Petroleum Exporting Countries (OPEC) December 2016 Monthly oil Market report (MOMR), crude oil production from Nigeria surpassed Angola’s production.

This is happening even before the planned cut in crude oil production agreed by OPEC and non-OPEC producers.

Nigeria overtakes Angola as Africa's top oil producer

Nigeria overtakes Angola as Africa's top oil producer

Angola’s production is expected to be cut by 78,000 barrels per day in an agreement which was agreed in late 2016.

Nigeria’s takeover of Angola is by 94,000bd as information from primary sources in the MOMR stated that Nigeria produced 1.782mb of oil as against Angola’s 1.688mb.

Acording to OPEC’s December MOMR, “A new OPEC-14 production target of 32.5mb/d as per 1 January 2017 represents a reduction of around 1.2mb/d from October production levels.”

Nigeria lost its place to Angola earlier in 2016 following attacks on oil and gas installations in the Niger Delta region which affected the country’s output.

The notorious Niger Delta Avengers finally agreed to a cease fire later in the year following the appointment of Chief Edwin Clark to negotiate on its behalf.

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The federal government launched a military operation in the region tagged Operation Crocodile Smile to put an end to militancy while President Muhammadu Buhari also met with the Clark-led group where he was presented with a 16-point agenda.

Nigeria overtakes Angola as Africa's top oil producer

Nigeria overtakes Angola as Africa's top oil producer

The Avengers have vowed to renew hostility after it accused the federal government of not following with earlier agreements although the army countered with a statement warning that oil saboteurs will be dealt with.

Source: Naija.ng

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