Nigeria has reclaimed its position as the largest oil producer in Africa, surpassing Angola, according to the latest monthly oil report by the Organization of Petroleum Exporting Countries (OPEC).
The report, titled the June 2023 Monthly Oil Market Report (MOMR), revealed that Nigeria produced 1.18 million barrels per day (bpd) in May 2023, taking back the top spot from Angola.
In April, Angola had produced more crude oil than Nigeria, but Nigeria managed to increase its production volume by 185,000 barrels from 999,000 bpd in April to 1.18 million bpd in May.
This increase propelled Nigeria ahead of both Libya and Angola in terms of oil production.
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Libya, which had been ahead of Nigeria, experienced a drop in its crude production volume, falling from 1.21 million bpd to 1.15 million bpd.
Angola secured the third position with a production volume of 1.11 million bpd, slightly up from the previous month’s 1.06 million bpd.
Algeria rounded up the list, occupying the fourth spot with a production volume of 962,000 bpd, experiencing a decline of 37,000 barrels compared to April.
The report also highlighted that Nigeria’s economy had grown by 2.4 percent in the first quarter of 2023, although its growth was hampered by various factors, including a decline in crude oil output.
The country’s reclaiming of the top spot as Africa’s largest oil producer is expected to have a positive impact on its economy and overall development.
