Connect with us

Hi, what are you looking for?

Business News

Angola Overtakes Nigeria in Crude Oil Production

As the crash in crude continues to hit hard on the country’s economy, Angola is now the number one oil producing nation in Africa, taking over the position of Nigeria.

In its latest monthly report, the Organisation of Petroleum Exporting Countries, OPEC, said Nigeria’s oil production fell by 67,000 barrels per day (bpd) in March. The report said Nigeria produced 1.677 million bpd in March, down from 1.744 million barrels in February, while Angola oil output rose from 1.767 million bpd to 1.782 million.

This is the second time in four months that Angola would overtake Nigeria in crude oil production. In November, OPEC’s statistics showed that Nigeria’s production fell by 250,000, making it produced 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. Pipeline vandalism has been the major challenge in Nigeria’s oil production. Meanwhile, the prices of crude at the international market dropped to $41.87 per barrel, with Brent crude gaining strength at $44.32 per barrel.

__________ 

Follow us on Twitter at @thesignalng

Copyright 2015 SIGNAL. Permission to use portions of this article is granted provided appropriate credits are given to www.signalng.com and other relevant sources.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Related

Nigeria

Ten bodies were recovered Wednesday after a boat carrying more than 100 women and children broke apart on a river in northern Nigeria, a...

News

President Muhammadu Buhari has approved the deployment of advanced technology to tackle insecurity in the South-East. Imo State governor, Hope Uzodinma, disclosed this to...

News

Popular Nigerian human rights activist and co-founder of the Centre for Civil Liberty, Ariyo-Dare Atoye has died. He was aged 42. Atoye died in...

News

Some young Nigerians besieged the Lekki Tollgate on Thursday morning,  amid heavy police presence. Nigerian artistes, Folarin ‘Falz’ Falana, and Adebowale ‘Mr Macaroni’ Adedayo,...

Copyright ©