Angola has overtaken Nigeria to become the top African crude oil producer for April 2023, according to direct communication data in the monthly oil market report from the Organization of Petroleum Exporting Countries (OPEC).
According to the report, Angola recorded 1.06 million barrels per day (bpd) of crude production in April 2023. The country had the same figure in March, but at the time, Nigeria was still producing more.
As for Nigeria, which was Africa's biggest crude oil producer every month this year until April, it recorded 999,000bpd last month, down from 1.3 million in the preceding month and the lowest production rate Nigeria has recorded in 2023.
OPEC reported that Nigeria’s economy faced challenges in gaining momentum in the first quarter of 2023, with business activity and consumer spending remaining subdued, as well as high input-cost inflation and lower employment levels than in 2022.
Algeria rounds out the bottom three with the same 999,000bpd, down 85,000bpd from March.
The organization added that global oil demand in 2023 still depends on rising global tensions and is expected to reach 101.9 million bpd this year.
In early April, a number of OPEC+ countries, including Algeria and Gabon, announced a voluntary reduction of oil production from May to the end of 2023 by a total of 1.16 million bpd (above their present quotas), in a bid to maintain market stability.