Nigeria’s oil output drops 23% to 999,999 bpd as Angola becomes Africa’s highest producer

By Eyo Nsima

Nigeria’s oil output dropped 23 per cent to 999,999 barrels per day, bpd, in April 2023, from 1.3 million bpd in the preceding month of May 2023.

The nation’s oil output rose to 1.3 million bpd in February 2023, thus raising hope for continuous improvement as Nigeria continues to fight against pipeline vandalism, illegal refining, and oil theft.

But the May 2023 Monthly Oil Market Report, MOMR, of the Organisation of Petroleum Exporting Countries, OPEC, obtained by The Daily, www.thedaily-ng.com indicated that the nation’s 2023 budget which was based on 1.69 bpd, including Condensate and $75 per barrel, might be threatened.

The report also showed that Angola has beaten Nigeria to become Africa’s highest crude producer with 1.0 million bpd while Equatorial Guinea comes last with 49,000 bpd.

Meanwhile, the price of Bonny Light, Nigeria’s premium crude, which had dropped below $75 per barrel last week, currently hovers at $74 per barrel.