Nigeria, Africa’s largest democracy is no longer the largest exporter of oil from the continent, according to the monthly oil market report released by the Organization of the Petroleum Exporting Countries or OPEC.
According to the report, Nigeria’s oil output dipped by 270,000 bpd to 999,000 bpd in April from 1.26 million bpd in March.
Portuguese speaking Angola, overtook Nigeria to clinch the top spot in the continent, with the southern African nation’s oil production rising from 91,000 bpd to 1.06 million bpd in May, up from 978,000 bpd in March.
Nigeria and Iran suffered the most significant production declines in April among OPEC countries. According to government data, Nigeria’s production fell by the most in seven months, while Iran lost 262,000 bpd based on direct communication.
Overall, OPEC’s oil production decreased by 310,000 bpd to an average of 28.8 million bpd. This is the lowest level seen in almost a year and was due to several factors, including a fall in Iraq’s exports, pipeline suspension, and a labour strike that cut shipments from Nigeria.
Nigeria, Africa’s largest democracy, is no longer the top oil exporter from the continent according to OPEC's monthly oil market report. In April, Nigeria's oil output decreased by 270,000 bpd to 999,000 bpd from 1.26 million bpd in March.
Meanwhile, Angola's oil production increased from 978,000 bpd in March to 1.06 million bpd in May, making it the largest oil exporter in Africa. Nigeria and Iran experienced the most significant declines in production among OPEC countries, with Nigeria's production falling the most in seven months and Iran's by 262,000 bpd.
Overall, OPEC’s oil production dropped by 310,000 bpd to an average of 28.8 million bpd, the lowest level in almost a year, due to factors including a fall in Iraq's exports, pipeline suspensions, and a labor strike in Nigeria.
