Economy
Angola Overtakes Nigeria As Africa’s Top Crude Oil Producer
This is the third time Angola will floor Nigeria as the continent’s largest producer, following the attacks on oil installations in Niger Delta region in 2016. OPEC’s monthly oil market report (MOMR) released yesterday revealed that Angola’s production was now at 1.651 million barrels per day, according to secondary sources.
According to the report, Nigeria, on the other hand, had its production levels between 1.576 million barrels and 1.604 million barrels per day, according to secondary sources and direct communications, respectively.
Using both sources, Angola stands as Africa’s largest oil producer, after losing that spot to Nigeria in December 2016. OPEC also revealed that Nigeria, Saudi Arabia and the United Arab Emirates recorded massive improvements in their economic outlook.
“In Nigeria, operating conditions in the country’s private sector improved in January for the first time in a year, as suggested by the Stanbic IBTC Bank Nigeria PMI,” OPEC said.
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