Nigeria has again lost its place as the top oil producer in Africa after Angola overtook it.
Nigeria had overtaken Angola in December 2016 according to the monthly report released by the Organisation of Petroleum Exporting Countries (OPEC) following a ceasefire announced by Niger Delta militant but the southern African country has claimed the top spot again.
According to OPEC’s monthly oil market report, Angola was producing 1.651 million barrels per day according to secondary sources while for direct communications between the country and OPEC, production levels were put at an average of 1.615 million.
Nigeria’s secondary and direct communication was 1.576 million barrels per day and 1.604 million barrels per day respectively.
According to OPEC, Nigeria, Saudi Arabia and the United Arab Emirates recorded massive improvements in their economic outlook.
“In Nigeria, operating conditions in the country’s private sector improved in January for the first time in a year, as suggested by the Stanbic IBTC Bank Nigeria PMI,” OPEC said.
“The index was supported by renewed accelerations in output, as well as new orders received that also supported input-buying activities. The index’s headline figure posted 51.9 in January, up from 48.1 in December.”
In Saudi Arabia, “inflation posted a 1.7% y-o-y increase in the last month of 2016. The non-oil private sector showed strong signs of growth in January as the Emirates NBD Saudi Arabia PMI jumped to a 17-month high”.
“The index posted 56.7 last month, up from 55.5 in December on the highest rate of increase in output since August 2015, alongside an increase in new business to a 14-month high.”
The federal government has been working towards ending militancy in the Niger Delta region according to Ibe Kachikwu, the minister of state for petroleum.
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