Libya, Angola unseat Nigeria as largest oil-producing countries in Africa

• Libya and Angola now place above Nigeria in the ranking of Africa's top oil-producing nations
• According to a recent report, Africa makes up about 8% of the overall supply in the world oil market
• But unanticipated outages and maintenance tasks among other factors affected production in the last few quarters

Africa is a major player in the world oil market, with its producing countries making up about 8% of the overall supply.

However, there have been numerous production issues in the second quarter of 2023.

These include unanticipated outages and maintenance tasks, which led to a modest decline in Africa's oil and condensate production.

According to report, between January and May, 2023, Africa lost approximately 180,000 barrels per day (bdp) of production to unplanned outages, while planned maintenance activities shaved off an additional 83,000 bpd.

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Nigeria’s production declined

Nigeria, a powerhouse in the continent's oil industry, is at the root of the fall in the continent's oil production.

Throughout the first five months of this year, the country experienced numerous unanticipated disruptions that cost it approximately 165,000 bpd.

Legit had reported that oil production declined made Nigeria lose N249 billion in July.

Organisation of Petroleum Exporting Countries (OPEC) revealed that Nigeria's oil production was 1.08 million barrels per day (mbpd) in July 2023, losing its spot as number one in Africa.

Pipeline explosions, widespread oil theft, unauthorised connections to existing pipelines, fire events, and labour disputes were among reasons for Nigeria's production reduction.

Additionally, certain terminals have not been working at maximum efficiency, leading to additional interruptions and production decreases.

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Also, maintenance work on the fields that flowed the Forcados, Usan, and Abo crude streams in 2023 had effect on Nigeria's output.

As presented by TradingEconomics, the top 10 African producing oil companies are highlighted below:

More money for Tinubu as Nigeria earns N1.68 trillion from oil in one month, maintains top spot in Africa

Legit reported that Nigeria's crude oil revenues increased to over N1.68 trillion in June 2023 as the country shored up its output, according to an analysis of oil production figures released by the federal government.

Data released by Nigeria Upstream Petroleum Regulatory Commission (NUPRC) on Thursday, July 13, 2023, showed that crude oil production rose to 1,248,960 million barrels daily.

The report showed that Nigeria produced 1,183691 million barrels of crude oil daily in May -- which was 65,269 barrels lower than in June.

Source: Legit.ng