Angolan oil exports catching up with Nigeria’s

18 September 2013

Angolan exports are due to increase to 1.74 million barrels per day in November, according to the shipment list for that month published by buyers in London and Geneva.

With that amount Angola is rapidly closing in on exports from Nigeria, Africa’s main exporter that ahs been affected by a number of problems with oil theft.

According to figures accessed by financial news agency Reuters, in October Nigeria is expected to export 1.79 million barrels per day, which is a downturn compared to the 2 million barrels per day exported last year, representing an estimated monthly loss of US$700 million.

In contrast, Angolan oil shipments in October are expected to rise against September, when exports totalled 1.7 million barrels per day following repairs to the Saturno oil rig operated by BP.

Despite these improvements Angolan oil exports are still falling short of the 2 million barrel per day target set for this year and Oil Minister Botelho de Vasconcelos has said that this target will only be reached in 2014 or 2015. (macauhub)