Nigeria Regains Position as Largest Crude Oil Producer in Africa – OPEC

 

The Organisation of Petroleum Exporting Countries, OPEC has named Nigeria as largest producer of crude oil in Africa in April.

 

OPEC disclosed this in its latest monthly report released on Tuesday.

 

It stated that Nigeria’s average daily crude oil production rose to 1.28 million barrels per day (bpd) in April.

 

According to the report, the current output represents a 4.07 per cent increase from the 1.23 million bpd recorded in March, indicating the first month-on-month production growth.

 

The report indicates that Nigeria has regained its position as the biggest oil producer in Africa, with Algeria taking second position with 907,000 bpd output.

“Crude oil output increased mainly in Congo and IR Iran, while production in Nigeria, Iraq and Venezuela decreased,” OPEC said.

 

Recall that in March, Libya displaced Nigeria to emerge as Africa’s largest crude oil producer.

 

This implies a boost in Nigeria’s revenue in the period under review.