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Again, Angola overtakes Nigeria in crude oil production



Oil rebound ends amid hints of bigger output; Bonny Light gains $0.24

For the third time in eight months, Nigeria is not Africa’s largest oil producer as production fell to 972,394 barrels per day in August.

This was disclosed by the Federal Government through the Nigerian Upstream Petroleum Regulatory Commission’s monthly oil report on Thursday.

Nigeria’s August production figure is below Angola’s average daily output of 1.17 million barrels as reported by Bloomberg.

The Nigerian Upstream Petroleum Regulatory Commission report cited that Nigeria’s monthly average was 972,394, compared to 1,03,899 for the previous month.

However, Bloomberg’s survey of monthly OPEC output shows Nigeria’s output for August was 1.13 million barrels.

Read also: Angola edges Nigeria to remain Africa’s biggest oil producer for second straight month

Bloomberg’s survey also noted that Libya produced 1.08 million barrels of crude daily in August and could soon overtake Nigeria if it continues on its current trajectory.

Ripples Nigeria had earlier reported that in May and June, the Organization of the Petroleum Exporting Countries (OPEC) revealed that Angola produced more crude oil than Nigeria.

Nigeria production struggle is coming amid oil prices trading 40 per cent more than the benchmark on the 2022 budget.

Data obtained from the Reuters website showed on Friday morning, that brent crude, the benchmark for Nigeria’s, oil was trading at $90 per barrel.

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