Nigeria Set To Reclaim Africa’s Top Oil Producer Spot

Nigeria Set To Reclaim Africa’s Top Oil Producer Spot

Nigeria might just have reclaimed its top oil producer position in Africa which it lost to Angola in March last year.

The Organisation of Petroleum Exporting Countries (OPEC), released its Monthly Oil Market Report (MOMR), for the month of December in which crude oil production in the country rose slightly above that of Angola.

There is a planned production cut in this month as agreed by OPEC and non-OPEC producers which would definitely ensure that Nigeria even climbs further on the standing as Angola would be expected to cut about 78,000 barrels per day (bd) of its regular production in the agreement which was sealed in late 2016.

Nigeria is said to have produced 1.782mb of oil as against Angola’s 1.688mb which is evidence of its takeover of Angola by about 94,000bd as disclosed by sources in the MOMR.

This is a turnaround from the position in March 2016 when Angola had 1.782mb and Nigeria had 1.677mb.

This was mainly due to the incessant attacks on oil installations by Niger delta militants of which the Niger delta avengers claimed responsibility for a lot of them.