According to the Organization of Petroleum Exporting Countries’ (OPEC) monthly oil report, Nigeria has replaced Angola as the continent’s top oil producer.
Angola produced more crude in April than Nigeria.
Nigeria, however, reclaimed the top spot on the list of Africa’s largest producers after reporting 1.18 million barrels per day (bpd) for May 2023, surpassing Libya and Angola.
This information was recently made public by OPEC in its MOMR for June 2023.
Nigeria’s crude volume increased by 185,000 barrels, from 999,000 in April to 1.18 million, according to the Organization. After cutting its daily crude production by 52,000 barrels to 1.15 million from 1.21 million the previous month, Libya fell behind Nigeria.
With 1.11 million barrels per day during the review period, up from 1.06 million barrels the month prior, Angola took third place. Algeria, which held the fourth position on the list with 962,000 barrels per day, is also included. Algeria reported a 37,000 barrel drop in crude production since April, when it reported 999,000 barrels.
According to the report, Nigeria’s economy grew by 2.4% annually in the first quarter of 2023. The report, on the other hand, blames a variety of factors, including a decline in crude oil output, for the economy’s sluggish growth.
