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Friday, December 18, 2015

ANGOLA OVERTAKES NIGERIA AS AFRICA’S BIGGEST CRUDE OIL PRODUCER

Latest data from the Organisation of Petroleum Exporting Countries, OPEC, has shown Angola overtaking Nigeria as the biggest producer of crude oil in Africa after its crude oil production dipped by 250,000 barrels per day (bpd) in November.

Within the community of petroleum exporting countries, Nigeria recorded the biggest drop in output in November, followed by Saudi Arabia, the group’s biggest producer.


In its latest monthly oil market report, OPEC put crude oil production from Nigeria at 1.607 million bpd in November based on direct communication, down from the 1.812 million bpd it was in October. This was as Angola’s oil output equally dropped to 1.722 million bpd last month from the 1.762 million bpd it was in the previous month.

Meanwhile, the oil cartel has stated that it will need to have “a very urgent meeting” if crude prices do not recover by February. The OPEC President and Nigeria’s Minister of State for Petroleum, Dr. Ibe Kachikwu, who stated this, expressed optimism that “It is expected that the upward trend in oil prices will be seen by February next year.”

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