Nigeria has reclaimed its position as Africa’s largest oil producer, after falling down the pecking…
Nigeria Loses to Angola as Africa’s largest oil producer and Up to $100 Billion in Revenue.
Nigeria said it lost out on as much as $100 billion in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low. Also, the OPEC’s monthly oil market report (MOMR) released yesterday revealed that Angola’s production was now at 1.651 million barrels per day an indication of it becoming the Africa’s largest oil producer as Nigeria’s Production fell by 1 million barrels a day to 1.2 million a day at the peak of the attacks by the Niger Delta Militants.
This is the third time Angola will overtake Nigeria as the continent’s largest producer, following Niger Delta unrest in since April, 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. Nigeria, on the other hand, had its production levels at 1.576 million barrels per day and 1.604 million barrels per day, according to secondary sources and direct communications, respectively.
Last year, Nigeria suffered its first full-year recession since 1991 as a resurgence of armed conflict in the delta, combined with lower oil prices, blighted the economy. While recent peace efforts have curbed the frequency of attacks on oil infrastructure, the West African nation has struggled to boost output as one of its largest export terminals remains closed.
The Nigerian Oil minister said that the government will continue to engage the militants, noting that “It is a difficult undertaking to try to embark on trying to resolve it once and for all, but we’re very bullish about this.”