Nigeria has lost its reputation as Africa’s top oil producer to Angola as Africa’s biggest economy saw its output decrease the most in May among its counterparts in the Organization of the Petroleum Exporting Countries, OPEC.
OPEC’s monthly account for May indicated that Nigeria’s oil production decreased 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 utilizes secondary sources to rectify its oil output, but also publishes a table of figures submitted by its member countries.
Nigeria underwent the biggest decrease 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 last month.
“Crude oil output enhanced mainly in Saudi Arabia, the UAE and Kuwait, while production in Libya, Nigeria, Iraq, Gabon and IR Iran decreased,” the 13 member oil cartel said.
Preliminary data indicates that global liquids production in May declined by 0.15 million bpd to an average 98.75 million bpd compared to the last 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 increased by 1.7 million bpd year-on-year.
The report said, “The share of OPEC crude oil in total global production declined by 0.1 percentage points to 28.9 percent in May compared with the last month.
“Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.”