Nigeria’s position as Africa’s top crude oil producer has been officially restored, as Angola, the continent’s top competitor, has seen subsequent drops in production figures.
According to the most recent data from Angola’s hydrocarbon industry regulator, the National Oil, Gas, and Biofuels Agency (ANPG), it was only able to deliver 969,646 barrels per day of oil in March, 9% less than the 1,063,589 barrels per day produced in February 2023.
Angola will depose Nigeria as Africa’s top oil producer in August 2022, following unprecedented oil theft that has cost it up to $700 million per month.
Nigeria produced 972,000 barrels per day in September 2022, according to data, but over the last six months, the country has actively improved production while also putting measures in place to combat black gold theft.
Angola was the Organization of Petroleum Exporting Countries (OPEC)’s largest laggard in March, with a drop of 100,000 barrels per day. This was due to a small export program and field maintenance on the Dalia stream, which resulted in exports reaching a multi-month low, according to some estimates.
In the same month, Nigeria’s crude oil output fell by 1.9% month on month to 1.517 million barrels.
However, due to an improved fight against oil theft and other factors, the country’s output increased by 3.5% in February 2023 to 1.54 million barrels per day, up from 1.494 million barrels per day in January.
Nigeria’s newfound top spot, however, is in jeopardy, as the country saw a further 120,000 barrels per day drop in crude production in April, according to a Bloomberg survey, with the country able to produce about 1.32 million barrels per day.
This was due to Exxon Mobil workers in the country going on strike, which caused the American company to declare force majeure on its Nigerian oil liftings.
Nigeria’s plan is to increase production to 1.6 million barrels per day while hoping to avoid any unforeseen circumstances that could stymie the progress made in recent months.
