<\/p>\n
Nigeria has regained its position as the largest oil producer in Africa, displacing Angola, according to a monthly oil report by the Organization of Petroleum Exporting Countries, OPEC.
\nIn April, Angola produced more crude than Nigeria.
\nHowever, Nigeria reclaimed the top spot on Africa\u2019s largest producers list, surpassing Libya and Angola after reporting 1.18 million barrels per day, bpd for May 2023.
\nOPEC disclosed this recently in its June 2023 Monthly Oil Market Report, MOMR.
\nAccording to the Organization, Nigeria\u2019s crude volume rose by 185,000 barrels from 999,000 in April to 1.18 million. Libya fell behind Nigeria after its crude production volume dropped by 52,000 barrels to 1.15 million per day from 1.21 million output the month before.
\nAngola secured the third spot with 1.11 million barrels per day during the review period, up from the previous month\u2019s 1.06 million barrels. Also on the list is Algeria, which occupied the fourth spot with 962,000 barrels per day. Algeria reported a 37,000 barrels decline in crude output, as the country had reported 999,000 barrels in April.
\nThe report also indicates that Nigeria\u2019s economy had expanded by 2.4per cent yearly in the first quarter of 2023. Meanwhile, the report attributes the economy\u2019s slow growth to certain factors, including a decline in crude oil output.<\/p>\n","protected":false},"excerpt":{"rendered":"
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