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Angola Overtakes Nigeria as Africa’s Biggest Oil Producer After Worst Production Output in Months
Economy

Angola Overtakes Nigeria as Africa’s Biggest Oil Producer After Worst Production Output in Months

by  Dave Ibemere 2 min read
  • At a time oil price is trading above $120 per barrel, Nigeria has recorded a massive drop in production
  • The latest figure on Nigeria's oil output is the worst this year cutting the country off from expected gains at a time Europe is shopping for alternative
  • As a result of Nigeria's production troubles, Angola was able to surpass the country and become Africa's largest oil producer

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Nigeria is no longer Africa’s top oil producer following an abysmal oil production output in May, the biggest decline among its peers at a time oil was trading at $121.33.

According to data obtained from the Organization of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production reduced by 195,000 barrels per day (bpd) to 1.02 million bpd in May 2022 from 1.22 million in April 2022, based on direct communication.

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Angola's oil production also dropped, but with 1.16 million barrels per day, it is still more than Nigeria and has now taken the status as Africa's largest producer of oil.

Nigeria oil production drops massively
Snapshot of OPEC member countries' oil production Credit: OPEC
Source: Original

Part of the OPEC report reads:

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“Crude oil output increased mainly in Saudi Arabia, the UAE and Kuwait, while production in Libya, Nigeria, Iraq, Gabon and Iran declined.
“Preliminary data indicates that global liquids production in May decreased by 0.15 million bpd to an average 98.75 million bpd compared to the previous month."

Russia keeps making money

A new report from the independent Centre For Research on Energy and Clean Air (CREA) has revealed that in 100 days of Russia’s war against Ukraine, Vladimir Putin’s country made $97 billion.

Notably, the European Union bought $59 billion worth of Russian oil accounting for a total of 61% of sales during the period, Vanguard reports.

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Naira Falls to record low against US dollar in 2022 at official market as foreign reserves fall

Remittances to FG continues to decline

Meanwhile, Legit.ng reported that the Nigerian National Petroleum Corporation (NNPC) has continued to deposit less amount of money to the federation account.

The NNPC remitted the sum of N10.54 billion to the Federation Account Allocation Committee (FAAC) in November 2021 from the proceeds of sales of crude oil and gas in October.

It gave this account during a presentation to FAAC for the month of December 2021, obtained by Legit.ng.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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