Nigeria loses top African oil producer status to Angola
Angola has surpassed Nigeria to become the top African crude oil producer in April 2023. This is according to direct communication data in the Organization of Petroleum Exporting Countries' monthly oil market report for April 2023.
According to the report, Angola's crude production in April 2023 was 1.06 million barrels per day.
Meanwhile, for the month of April 2023, Nigeria recorded 999,000 barrels per day, and Algeria recorded the same 999,000 barrels per day during the highlighted period. This is Nigeria's lowest production rate since the year 2023.
According to Nairametrics, data from the Nigerian Upstream Petroleum Regulatory Commission showed that Nigeria produced 998,602 barrels of crude oil per day in April 2023.
According to the OPEC report, total OPEC-13 crude oil production averaged 28.60 million barrels per day in April 2023, a 191 thousand barrels per day decrease month on month. Crude oil output increased primarily in Saudi Arabia, Angola, and Iran, while production declined in Iraq and Nigeria.
According to the Organization of Petroleum Exporting Countries, global oil demand in 2023 is still dependent on rising global tensions. This was stated by the group in its monthly oil market report, which was released on May 11. According to the report, total global oil demand is expected to reach 101.9 million barrels per day in 2023. However, one section of the report states, "However, this forecast is subject to many uncertainties, including global economic developments and ongoing geopolitical tensions."
KPMG Nigeria, a tax advisory firm, recently advised the Nigerian government to look for ways to increase its oil revenues. However, the country's loss of top African oil producer status to Angola in April 2023 does not inspire confidence that the oil sector will perform well in the second quarter of 2023.
Several oil and gas companies, as well as crude-producing countries, benefited from higher oil prices as a result of the Russia-Ukraine conflict in 2022. However, Nigeria was unable to benefit from the price increase due to unreasonably high crude oil theft in 2022, causing the country to lose up to 700,000 barrels per day, according to the Nigerian National Petroleum Company Limited.
According to the OPEC MOMR, Nigeria's economy faced challenges in gaining traction in the first quarter of 2023, with business activity and consumer spending remaining subdued, as well as high input-cost inflation and lower employment levels compared to 2022.
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