Angola may have displaced Nigeria as Africa’s top oil producer with the current low recorded for Africa’s biggest economy in May among its peers in the Organization of the Petroleum Exporting Countries (OPEC).
In the OPEC’s monthly report for May published yesterday, it was indicated that Nigeria’s oil production reduced by 195,000 barrels per day (bpd) to 1.02 million bpd in May, from 1.22 million in April, based on direct communication.
Meanwhile, Angola’s oil production stood at 1.16 million bpd in May, down from 1.18 million bpd in April, also based on direct communication, the report said.
OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.
The OPEC report indicated that Nigeria suffered the biggest decline in production among its OPEC peers, according to both direct communication and secondary sources’ data.
Secondary sources said OPEC’s crude oil production averaged 28.51 million bpd in May, lower by 176,000 bpd compared to the previous month. “Crude oil output increased mainly in Saudi Arabia, the UAE and Kuwait, while production in Libya, Nigeria, Iraq, Gabon and IR Iran declined,” OPEC said.
Preliminary data indicates that global liquids production in May decreased by 0.15 million bpd to an average 98.75 million bpd compared to the previous month. But 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 higher by 1.7 million bpd year-on-year.
“The share of OPEC crude oil in total global production decreased by 0.1 percentage points to 28.9 percent in May compared with the previous 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,” the monthly report said.
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