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.
Related posts
Reviews
Follow Our Activities On Facebook
1 day ago
1 day ago
2 days ago
Sophia Stewart: Does She Deserve Recognition as the Mastermind Behind “The Matrix” and “Terminator”?
Sophia Stewart is an African-American author, screenwriter, and self-proclaimed conceptual creator of the "Matrix" and "Terminator" franchises. Stewart became well-known for her legal battles, arguing...2 days ago
3 days ago
SUBSCRIBE
[mc4wp_form id=”2012″]
Top Reads!
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!