A monthly oil market report released by the Organization of the Petroleum Exporting Countries (OPEC) has shown that Nigeria has regained its position as largest oil producer in Africa.
For the month of April, Angola produced more crude than Nigeria. Nigeria however reclaimed the top spot on Africa’s largest producers list, surpassing Libya and Angola after reporting 1.18 million barrels per day for the month of May 2023.
According to Direct Communication, Nigeria’s crude volume rose by 185,000 barrels from 999,000 barrels recorded in April to 1.18 million. Libya fell behind Nigeria, after its crude production volume dropped by 52,000 barrels to 1.15 million barrels per day, from 1.21 million output the month before.
Angola secured the third spot with 1.11 million barrels per day during the review period, up from the previous month’s 1.06 million barrels. Also on the list is Algeria, which occupied the fourth spot with 962,000 barrels per day. Algeria reported 37,000 barrels decline in crude output, as the country had reported 999,000 barrels in April.
The report also indicates that Nigeria’s economy had expanded by 2.4% year-on-year in the first quarter of 2023. Meanwhile, the report attributes the slow growth of the economy to certain factors including a decline in crude oil output.