By John Ikani
Nigeria is no longer Africa’s biggest oil producer following an abysmal oil production output in May, the biggest decline among its peers at a time oil was trading at $121.33.
OPEC’s monthly report for May showed that Nigeria’s oil production reduced by 195,000 barrels per day (bpd) to 1.02 million bpd in May from 1.22 million bpd in April, based on direct communication.
Angola’s oil production also dropped, but with 1.16 million bpd, from 1.18 million bpd in April, it is still far ahead of Nigeria’s output and has now taken the status as Africa’s biggest producer of oil.
What OPEC is saying
“Crude oil output increased mainly in Saudi Arabia, the UAE and Kuwait, while production in Libya, Nigeria, Iraq, Gabon and Iran declined.
Preliminary data indicates that global liquids production in May decreased by 0.15 million bpd to an average 98.75 million bpd compared to the previous month.
However, non-OPEC liquids production, including OPEC natural gas liquids (NGLs), are estimated to have increased in May by a minor 23,000 bpd month-on-month to an average 70.2 million bpd, but was higher by 1.7 million bpd year-on-year.
The report said: “The share of OPEC crude oil in total global production decreased by 0.1 percentage points to 28.9 percent in May compared with the previous month.
“Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.”
