Angola Becomes Africa’s Top Crude Oil Producer
A new report by the Organisation of the Petroleum Exporting Countries (OPEC) shared that Angola has taken first place in crude oil production after displacing Nigeria in the month of August.
The report revealed that Nigeria’s crude oil production for August averaged 1.100 million barrels per day while Angola’s production averaged 1.187mb/d.
In July, Angola produced 1.180 million barrels of oil per day while Nigeria’s crude oil production increased to an average of 1.183 million barrels per day (bpd) in July, an increase of 7,000 barrels per day compared with 1.176mb/d produced averagely in the month of June 2022.
Other African countries catching up with Angola are: Libya producing 632 thousand barrels per day in July, Congo producing 263 thousand, and Equatorial Guinea producing 101 thousand barrels per day in July.
Libya moved a few steps higher in August with its crude oil production averaging at 1.123mb/d.
The report said: “According to secondary sources, total OPEC-13 crude oil production averaged 29.65 mb/d in August, higher by 618,000 month-on-month.
In addition, the report also revealed that Nigeria’s real Gross Domestic Product (GDP) rose by 3.5 percent year-on-year this year following growth of 3.1 percent in the first quarter of 2022.
It noted that the expansion was mainly driven by the non-oil sector, which grew by 4.8 percent year on year.
“On a quarterly basis, the GDP shrank by 0.37 percent following a 14.66 percent contraction in the previous quarter.