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Angola Overtakes Nigeria As Africa’s Number One Crude Oil Producer

Angola Overtakes Nigeria As Africa’s Number One Crude Oil Producer 

The country pumped 1.17 million barrels of crude daily in August to overtake Nigeria.

By Omotayo Olutekunbi

According to the Organization of Petroleum Exporting Countries’ most recent monthly production output report, Nigeria is no longer Africa’s top producer of crude oil (OPEC).

Angola surpassed Nigeria’s daily output of 1.13 million barrels of petroleum in August, pumping 1.17 million barrels per day to grab the top place.

For the first time in five years, Nigeria has slipped from first place. And given that Nigeria’s crude oil output has been progressively dropping in recent years, this was predicted.

Remember that the oil-rich Niger Delta of Nigeria has seen persistent pipeline vandalism by thieves, resulting in large-scale oil theft. Previous reports from Business Insider Africa said that the region’s oil businesses now face an existential danger as a result of oil theft in Nigeria.

According to the Nigerian Upstream Petroleum Regulatory Commission, the government lost approximately $1 billion due to oil theft in just the first quarter of 2022.

President Muhammadu Buhari, who is also Nigeria’s Minister of Petroleum Resources, voiced his displeasure last month about how oil theft was impacting tax collection.

Nigeria exports less crude oil due to pipeline damage and oil theft. And this results in less money for the nation, which is a difficult reality for an economy that heavily depends on oil revenue.

According to a study recently released by the National Bureau of Statistics (NBS), Nigeria’s oil industry made a negligible contribution to the nation’s 3.54% GDP growth in Q2 2022. In Q2 2022, the oil industry fell by 11.77%.

Additionally, it fell by 26.04% in Q1 2022, all as a result of the sharp decline in oil production.

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