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Nigeria Loses Top Oil Producing Status To Angola

Crude oil

Nigeria has lost its Africa’s top oil producing status to Angola which saw its oil output rise to 1.78 million barrel-per-day in March.
This is the latest data from the Organisation of Petroleum Exporting Countries (OPEC) which shows that Nigeria’s crude oil production fell by 67,000 barrels per day in March 2016.

In its monthly oil market report for April, released on Wednesday, OPEC put crude oil production from Nigeria at 1.67 million BPD in March, down from 1.74 million BPD in February.

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Nigeria recorded the biggest drop in output in the month among its peers in OPEC, followed by Venezuela.

According to OPEC, crude oil output increased mostly from Iran, Iraq and Angola, while production decreased in the United Arab Emirates, Libya and Nigeria.

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