Angola extracts less oil in April and Nigeria remains the main producer in Africa

16 May 2018

Angola’s oil output fell by 7,800 barrels per day (bpd) in April to 1.515 million bpd, based on secondary sources, according to the monthly oil market report for May 2018 of the Organization of Petroleum Exporting Countries (OPEC).

Nigeria also recorded a production drop of 8,300 bpd, but remained the main producer in Africa with 1.791 million bpd, also based on secondary sources.

According to direct communication, Angola increased production last April with a further 2,000 bps for a total of 1.498 million bpd, while Nigeria reported its production registered a monthly increase of 164,700 bpd to 1.724 million bpd .

Angola led oil production in Africa for almost the whole of 2016 and until May 2017, a position it has since lost to Nigeria, whose production had been affected between 2015 and 2016 by terrorist attacks, armed groups and internal political instability.

The same report, but in this case with March data, reports that Angola remained one of the top three oil suppliers to China, with a share of 10% of the total, behind Russia (15%) and Saudi Arabia (12%).

Figures released recently by the Ministry of Finance indicate that Angola’s proven oil reserves amount to 6 billion barrels, which allows ten years of production at the current rate of extraction.

The same figures show that between 2013 and 2017, 3.7 billion barrels of oil and 850 million barrels of natural gas equivalent were discovered in Angola. (macauhub)