After hitting two-years low last month due to Niger Delta militant attacks on oil facilities, Nigeria’s crude oil production has managed to increase from the 1.426 million barrels per day in May to 1.523 million barrels per day in June.
The Organization of Petroleum Exporting Countries (OPEC), which made this disclosure in its July oil and gas report released on Tuesday, noted that the country’s production has increased by 98,000 barrels per day (bpd).
Nigeria has lost its top Africa producer title to Angola, whose production is nearing two million barrels per day.
According to the OPEC report, Angola, which used to be behind Nigeria in terms of crude oil production, is soaring at 1.773 million barrels per day in the June report.
Saudi Arabia has remained the highest producer of crude oil among the OPEC countries with 10.308 million barrels per day in the June report.
The report disclosed that total crude oil production averaged 32.86 mbpd in June, an increase of 264 tbpd over the previous month.
It added that crude oil output increased mostly from Nigeria, Iran, Saudi Arabia, Libya and United Arab Emirate while production showed declines in Venezuela and Iraq.
OPEC’s preliminary data indicates that global oil supply increased by 0.40 mbpd to average 94.33 mbpd in June 2016, compared with the previous month.
This, it said, is mainly due to lower oil output from Canada in 2Q16 due to the wildfire, as well as from the US. Non-OPEC oil supply in 2017 is projected to decline by 0.1 mbpd to average 55.9 mbpd.
It said that Brazil and Canada are the main drivers of growth next year while Mexico, the US, and Norway are expected to see declines. OPEC NGLs are expected to grow by 0.15 mbpd in 2017.