As the crash in the price of crude oil persists, data from the Organisation of Petroleum Exporting Countries (OPEC) showed that Nigeria’s daily crude oil production fell by 67,000 barrels per day last month, thus making Nigeria lose its status as Africa’s top oil producer to Angola.
Nigeria has accrued huge revenue losses from pipeline vandalism and the destruction of oil and gas facilities in the Niger Delta, which have been causing and preventing the country from meeting its daily crude production targets.
In its Monthly Oil Market Report for April which was released on Wednesday, OPEC reported that Nigeria produced 1.677 million barrels per day (bpd) in March, down from 1.744 million bpd in February, while the Angolan oil output rose from 1.767 million bpd to 1.782 million.
In November last year, OPEC’s statistics showed that Nigeria’s production fell by 250,000, causing it to produce 1.607 million bpd, down from 1.812 million bpd in October, while Angola produced 1.722 million bpd, compared to 1.607 million bpd the previous month.
It has been deduced that Nigeria, as a major player in the global oil market, loses about 250,000 barrels daily due to this drop in production, leading to a low supply of gas and the loss in production capacity for most of the power plants in the country.
The implications on different sectors of the economy are yet to be seen as this is the second time Nigeria has been displaced as top producing oil country by Angola in four months.