Nigeria Overtakes Angola as Africa’s Largest oil Producer

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Following the Organization of Petroleum Exporting Countries (OPEC) December 2016 Monthly oil Market report (MOMR), crude oil production from Nigeria has now over takes Angola’s production.

This is going on even before the arranged cut in crude oil production concurred by OPEC and non-OPEC makers.

Angola’s production is relied upon to be cut by 78,000 barrels for every day in an understanding which was concurred in late 2016.

Nigeria’s takeover of Angola is by 94,000bd as data from essential sources in the MOMR expressed that Nigeria delivered 1.782mb of oil as against Angola’s 1.688mb.

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According to OPEC’s December MOMR, “another OPEC-14 generation focus of 32.5mb/d according to 1 January 2017 speaks to a lessening of around 1.2mb/d from October creation levels.”

Nigeria lost its place to Angola prior in 2016 after assaults on oil and gas establishments in the Niger Delta locale which influenced the nation’s yield.

The notorious Niger Delta Avengers finally agreed to a cease fire later in the year following the appointment of Chief Edwin Clark to negotiate on its behalf.

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The federal government launched a military operation in the region tagged Operation Crocodile Smile to put an end to militancy while President Muhammadu Buhari also met with the Clark-led group where he was presented with a 16-point agenda.

The Avengers have vowed to renew hostility after it accused the federal government of not following with earlier agreements although the army countered with a statement warning that oil saboteurs will be dealt with.