CEM REPORT, ENERGY| Angola recorded 1.06 million barrels per day (bpd) of crude production in April, up from 972,000 bpd recorded in March.
This puts Angola over Nigeria as the top African crude oil producer for the month of April.
According to the April 2023 Monthly Oil Market Report (MOMR) published by the Organization of Petroleum Exporting Countries (OPEC), Nigeria recorded an output of 999,000 bpd in April down from 1.3 million bpd in March.
The April output figure represented the lowest production rate the nation recorded in 2023.
“Nigeria’s economy faced challenges in gaining momentum in the first quarter of 2023, with business activity and consumer spending remaining subdued, in addition to high input-cost inflation and lower employment levels compared to the previous year.”
In its report, OPEC reported that the average daily oil production from its 13 members was 28.60 million barrels in April, down from March’s level of 191,000 barrels per day.
The OPEC+ agreement’s output targets were met by Saudi Arabia, Kuwait, and the United Arab Emirates with stable production, according to the report.
Libya, Iran, and Venezuela—three countries exempted from supply cut—recorded a range of output as well. and Iranian production remained constant, Libyan production dipped down and Venezuelan production increased slightly, supporting the world market.
On a year-to-year basis, Nigeria’s output level also indicated a drop of 16.7 per cent from 1.2 million bpd recorded in April 2022 to 999,000 bpd in April 2023.
Nigeria produced an average of 998,602 barrels of crude oil per day in April, according to figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The amount showed a decrease in production from the 1.2 million bpd observed in March.
The country’s crude production has recently decreased, and the Nigerian government has postponed the June deadline for subsidy elimination.