In its latest oil market report (MOMR) released yesterday February 13, 2017; OPEC revealed that Angola’s oil production had hit 1.651 million barrels per day.
The report indicated that Nigeria’s oil production shuffled between 1.576 million barrels and 1.604 million barrels per day, placing Angola on top as Africa’s largest oil producer after it lost the spot to Nigeria in December 2016.
The drop in Nigeria’s oil output may not be unconnected to the destruction of oil installations by militants in the oil-rich Niger Delta region.
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OPEC however forecasts massive improvements in Nigeria, Saudi Arabia and the United Arab Emirates’ economic outlook in 2017.
“In Nigeria, operating conditions in the country’s private sector improved in January for the first time in a year, as suggested by the Stanbic IBTC Bank Nigeria PMI,” OPEC said.