Nigeria overtakes again, becomes Africa’s no 1

Nigeria overtakes again, becomes Africa's no 1

Following a series of attacks on Nigeria’s oil facilities, the nation’s oil profile dipped. Even Angola overtook Nigeria.

Eight months down the lane, the nation has reclaimed its spot as Africa’s largest oil producer.

Recall that Angola overtook Nigeria as Africa’s largest producer in March of 2016, The Cable Reports.

Angola produced about 1.782 million barrels per day, while we produced only 1.677 million bpd that month.

According to OPEC’s monthly oil report for December 2016, NNPC pumped 1.782 million barrels per day.

On the other hand, Agola produced 1.688 million barrels per day.

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The Minister of Petroleum state, Dr. Ibe Kachikwu, had initially said the nation had hit 1.9 million barrels of oil in December 2016.

The nation, however, exported less crude to the Unites States than Angola did in the month under review.

“US imports of Angolan and Nigerian crude increased to 307,000 b/d and 303,000 b/d, respectively, by mid-November,” the report read.

Quoting a Stanbic IBTC report, OPEC said Nigeria’s private sector purchasing managers index (PMI) eased in November, 2016

“Following two consecutive quarters of contraction, the economy of Nigeria shrank by 2.3% in the 3rd quarter of 2016.

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“The statistic is according to Nigeria’s National Bureau of Statistics.

“The Stanbic IBTC Bank Nigeria PMI highlighted that contraction in the private sector eased somewhat in November on renewed growth of new orders received.”

Nigeria’s crude oil production may hit 2 million barrels per day.

Although OPEC member states had agreed on a cut in supply of crude, Nigeria is exempted from the agreement.