Nigeria may trail behind Africa’s new top oil exporter Angola

By Sherif Tarek
Posted on Monday, 12 September 2022 16:31

Kaombo Norte floating oil platform is seen from a helicopter off the coast of Angola
Kaombo Norte floating oil platform is seen from a helicopter off the coast of Angola, November 8, 2018. REUTERS/Stephen Eisenhammer

Persistent oil thefts in Nigeria have caused Africa’s largest economy to lose its status as the continent’s biggest crude producer to Angola, a new ranking that is not likely to change any time soon.

Last August, Nigeria’s average output stood at 1.13m barrels per day (bpd), slipping marginally, for the first time since April 2017, behind Angola’s daily production rate of 1.17m barrels, according to Bloomberg’s survey of monthly OPEC output.

Figures from Nigeria’s regulator, as cited by Reuters, showed that Nigeria’s output in August fell below 1m bpd, the lowest level in decades and less than half the daily production rates of the West African nation 10 years ago.