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Angola displaces Nigeria to become Africa's top oil producer - OPEC

Angola

<p>Angola has taken over from Nigeria as Africa’s top oil producer, according to a report by the Organization of Petroleum-Exporting Countries (<span class="caps">OPEC</span>). </p> <p><span class="caps">OPEC</span>’s Monthly Oil Market Report (<span class="caps">MOMR</span>) released on Monday disclosed that Angola’s current production was at 1.651 million barrels per day (bpd).</p> <p>Nigeria’s output on the other hand, was between 1.576 million bpd to 1.604 million bpd, in both cases the report cited secondary sources and direct communication for its latest figures. </p> <p>‘‘Crude oil output increased the most in Iraq, Angola and Libya, whiles production in Saudi Arabia, Nigeria and Venezuela showed the largest decline,’‘ <span class="caps">OPEC</span> said.</p> <p>Algeria lost the top producer spot to Nigeria in December 2016. Nigeria’s main problem with production was due to attacks by militants in the Niger Delta region on oil installations.</p> <p>The government has opened talks with the militants leading to a quell in the frequency of attacks. Nigeria’s Mohammed Barkindo is the Secretary General of the <span class="caps">OPEC</span>. He was voted into office last year.</p> <p>Despite Nigeria being in recession, <span class="caps">OPEC</span> stated that it had recorded a massive improvement in its economic outlook, along with Saudi Arabia and the United Arab Emirates.</p> <p>“In Nigeria, operating conditions in the country’s private sector improved in January for the first time in a year, as suggested by the Stanbic <span class="caps">IBTC</span> Bank Nigeria <span class="caps">PMI</span>,” <span class="caps">OPEC</span> said. </p> <p><span class="caps">OPEC</span> is an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum.</p>

Crude oil output increased the most in Iraq, Angola and Libya, whiles production in Saudi Arabia, Nigeria and Venezuela showed the largest decline.

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