Nigeria regains position as Africa’s number one crude oil producer

News coming in says that Nigeria has regained its position as Africa’s number-one crude oil producer from April to May.

According to reports, Nigeria increased its production to 1.3 million barrels per day in May 2023 from 1.1 million barrels per day in April 2023, reclaiming the top spot as Africa’s top crude oil producer.

This is in accordance with information on crude oil output for the month of May 2023 that was made public by the Organization of Petroleum Exporting Countries (OPEC).

The group acknowledged that the estimate was based on data it obtained from secondary sources in its June 2023 Monthly Oil Market Report.

The most recent data shows that Nigeria is now Africa’s top producer, surpassing Angola, whose output was at 1.1 mb/d, while Equatorial Guinea is now the continent’s lowest producer at 56,000 bpd.

“According to secondary sources, total OPEC-13 crude oil production averaged 28.06 mb/d in May 2023, lower by 464 tb/d m-o-m.

Crude oil output increased mainly in Nigeria, IR Iran, and Angola, while production in Saudi Arabia, the UAE, and Kuwait declined,” OPEC said.