Nigeria has finally overtaken Angola to reclaim the position as
Africa’s top oil producer after the latter had held the position for
seven months.
Angola had led with 1.7 million barrels produced per day which
was above Nigeria’s 1.5 million barrels.
According to the Organisation of Petroleum Exporting Countries
(OPEC) December 2016 Monthly oil Market report (MOMR), crude
oil production from Nigeria surpassed Angola’s production.
This is happening even before the planned cut in crude oil
production agreed by OPEC and non-OPEC producers.
Nigeria overtakes Angola as Africa's top oil producer
Angola’s production is expected to be cut by 78,000 barrels per
day in an agreement which was agreed in late 2016.
Nigeria’s takeover of Angola is by 94,000bd as information from
primary sources in the MOMR stated that Nigeria produced
1.782mb of oil as against Angola’s 1.688mb.
Acording to OPEC’s December MOMR, “A new OPEC-14
production target of 32.5mb/d as per 1 January 2017 represents
a reduction of around 1.2mb/d from October production levels.”
Nigeria lost its place to Angola earlier in 2016 following attacks
on oil and gas installations in the Niger Delta region which
affected the country’s output.
The notorious Niger Delta Avengers finally agreed to a cease fire
later in the year following the appointment of Chief Edwin Clark to
negotiate on its behalf.
The federal government launched a military operation in the
region tagged Operation Crocodile Smile to put an end to
militancy while President Muhammadu Buhari also met with the
Clark-led group where he was presented with a 16-point agenda.
Nigeria overtakes Angola as Africa's top oil producer
The Avengers have vowed to renew hostility after it accused the
federal government of not following with earlier agreements
although the army countered with a statement warning that oil
saboteurs will be dealt with.
No comments:
Post a Comment