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Nigeria reclaims spot as largest oil-producing country in Africa

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Nigeria has regained its position as the largest oil producer in Africa, displacing Angola, according to a monthly oil report by the Organization of Petroleum Exporting Countries, OPEC.

In April, Angola produced more crude than Nigeria.

However, Nigeria reclaimed the top spot on Africa’s largest producers list, surpassing Libya and Angola after reporting 1.18 million barrels per day, bpd for May 2023.

OPEC disclosed this recently in its June 2023 Monthly Oil Market Report, MOMR.

According to the Organisation, Nigeria’s crude volume rose by 185,000 barrels from 999,000 in April to 1.18 million. Libya fell behind Nigeria after its crude production volume dropped by 52,000 barrels to 1.15 million per day from 1.21 million output the month before.

Angola secured the third spot with 1.11 million barrels per day during the review period, up from the previous month’s 1.06 million barrels. Also on the list is Algeria, which occupied the fourth spot with 962,000 barrels per day. Algeria reported a 37,000 barrels decline in crude output, as the country had reported 999,000 barrels in April.

The report also indicates that Nigeria’s economy had expanded by 2.4per cent yearly in the first quarter of 2023. Meanwhile, the report attributes the economy’s slow growth to certain factors, including a decline in crude oil output.