OPEC Reveals Top 5 Oil Producers In Africa As Nigeria’s Output Rises To 1.18m bpd

OPEC Reveals Top 5 Oil Producers In Africa As Nigeria’s Output Rises To 1.18m bpd

OPEC has reported that Nigeria’s oil production increased to 1.18 million barrels per day (bpd) in August 2023, up from 1.08 million barrels in July.

The organization released its monthly oil market report, which showed that Nigeria moved up to the second position among Africa’s largest crude oil producers, trailing Libya. Libya retained its position as the largest crude oil producer on the continent, increasing its output from 1.17 million bpd to 1.92 million bpd.

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Angola, Algeria, and Congo rounded out the top five, with all three countries reporting a decline in their crude oil output in August. Angola’s production decreased from 1.14 million bpd in July to 1.12 million bpd. Algeria’s output dropped from 955,000 barrels to 939,000 bpd, and Congo went from 282,000 barrels to 272,000 bpd.

According to OPEC secondary sources, the 13 OPEC members produced a combined 27.45 million bpd in August, with Iran, Nigeria, and Iraq contributing the most. OPEC stated that crude oil production increased mainly in Iran, Nigeria, and Iraq, while it decreased in Saudi Arabia, Angola, and Venezuela.

However, the Nigerian National Petroleum Company (NNPC) Limited’s CEO, Mele Kyari, contradicted OPEC’s report, stating that Nigeria produced 1.67 million bpd in August, including condensate. In July, Nigeria’s oil output, including condensate, was 1.29 million bpd.