Angola has maintained the top spot as Africa’s biggest producer of oil for two months straight after taking over from west Africa country, Nigeria in May 2022.
Driving the news
The June report released by the Organization of the Petroleum Exporting Countries (OPEC) showed that Angola produced 1.175 million barrels per day, an increment of 300,000bpd from the 1.162 million barrel per day produced in May based on direct communication.
- Africa’s former top oil producer, Nigeria, nevertheless recorded its highest production pump in months by 134,000 barrels per barrel (bpd) as OPEC’s June report showed the country produced 1.158 million bpd, up from 1.024 million in May 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.
Why this happened
In April 2022, Nigeria suffered production decline from its oil fields and delay in planned exploration due to post Covid-19 effects and energy capital changes. The West African country’s production, as a result, dropped by 195,000 bpd to 1.02 million bpd from April to May 2022.
What to watch
As Africa’s oil-producing countries, including Angola, Nigeria, Egypt, Algeria, etc continue exploration of oil fields, new fields could come online, increasing the competition for Africa’s top spot.