London, UK | – The latest data released from the Organisation of Petroleum Exporting Countries (OPEC) has shown that Nigeria has again lost its Africa’s top oil producer status to Angola, as the country’s crude oil production fell last month.
In its latest monthly report, the Organisation of Petroleum Exporting Countries, OPEC, said Nigeria’s oil production fell by 67,000 barrels per day (bpd) in March. The report said Nigeria produced 1.677 million bpd in March, down from 1.744 million barrels in February, while Angola oil output rose from 1.767 million bpd to 1.782 million.
This is the second time in four months that Angola would overtake Nigeria in crude oil production.
In November, OPEC’s statistics showed that Nigeria’s production fell by 250,000, making it produced 1.607 million bpd, down from 1.812 million bpd in October. While Angola produced 1.722 million bpd, compared to 1.607 million bpd the previous month.
Nigeria recorded the biggest drop in output in the month among its peers in OPEC, followed by Venezuela, based on direct communication. The 13-member oil cartel, said in the report, “Crude oil output increased mostly from Iran, Iraq and Angola, while production decreased in UAE, Libya and Nigeria.”
Pipeline vandalism has been the major challenge in Nigeria’s oil production. Exports and production of Nigeria’s popular crude grade Forcados continued to be shut in due to a sabotage-related spill on the subsea Forcados pipeline. The country has also recently seen a rise in militant attacks in its main oil-producing region, the Niger Delta, denting oil production.
Meanwhile, the prices of crude at the international market dropped to $41.87 per barrel, with Brent crude gaining strength at $44.32 per barrel.
