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Home Energy

Angola overtakes Nigeria as Africa’s top oil producer

Mark-Anthony Johnson by Mark-Anthony Johnson
June 20, 2022
in Africa, Angola, Energy, Nigeria, Oil
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Angola has overtaken Nigeria as Africa’s biggest oil producer: Nigeria has lost its status as Africa’s top oil producer to Angola as the continent’s biggest economy saw its output decline the most in May among its peers in the Organization of the Petroleum Exporting Countries (OPEC).

OPEC’s monthly report for May showed that Nigeria’s oil production reduced by 195,000 barrels per day (bpd) to 1.02 million bpd in May from 1.22 million in April, based on direct communication. Angola’s oil production stood at 1.16 million bpd in May, down from 1.18 million bpd in April, based on direct communication. OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.

Also read: Angola restructuring of public finance brings positive results

Nigeria suffered the biggest decline in production among its OPEC peers, according to both direct communication and secondary sources’ data. According to secondary sources, OPEC’s crude oil production averaged 28.51 million bpd in May, lower by 176,000 bpd compared to the previous month.

“Crude oil output increased mainly in Saudi Arabia, the UAE and Kuwait, while production in Libya, Nigeria, Iraq, Gabon and IR Iran declined,” the 13-member oil cartel said. 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.

However, non-OPEC liquids production, including OPEC natural gas liquids (NGLs), are estimated to have increased in May by a minor 23,000 bpd month-on-month to an average 70.2 million bpd, but was higher by 1.7 million bpd year-on-year.

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Tags: AngolaAngola overtakes Nigeria as Africa’s top oil producercrudeFeatureMark-Anthony JohnsonNigeriaoilOPECанголанигерияأنغولانيجيرياアンゴラナイジェリア安哥拉尼日利亚
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Mark-Anthony Johnson

Mark-Anthony Johnson

MARK-ANTHONY JOHNSON is the founder and CEO of JIC Holdings, an innovative private holding company established in 2009 which he has built into an international asset and investment management company with offices, associates and investments around the globe. This followed the success of the JIC Group which he founded in 1985. He was educated in the UK at Mill Hill School and then achieved a BA (Hons) in Business and International Finance at University of Westminster. Mark-Anthony’s vision has long been towards emerging and frontier markets with particular emphasis on Africa, Latin America and the Caribbean and his philosophy can be summed up in the phrase “knowledge is power”. Mark-Anthony is also enthusiastic about the latest communication tools, which he uses intensively to keep in touch with up to the minute data. With a deep-rooted connection to the African continent, Mark-Anthony has been passionate about developments in Africa for over 30 years. He has worldwide interests in mining, infrastructure, power, electricity, shipping, commodities, agriculture and fisheries and is currently looking to develop farms across Africa. Mark-Anthony has a vision for a future Africa as the breadbasket of the world. For many years Mark-Anthony has been active on the ground in Africa through his charitable foundation, the Johnson Foundation. Created in 1989, it first provided assistance to people in his ancestral home country, Sierra Leone, even before the civil war. Once the war started, his aid was even more necessary and became focussed on Mark-Anthony’s major concerns for Africa -education, clean water and medical assistance. Over the years, the Foundation’s work has been extended into many parts of Sub-Saharan Africa and has been instrumental in setting up new clinics and rehabilitating villages, schools, places of worship, water facilities etc.

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