Nigeria has again lost its position as Africa’s largest oil producer after production fell to 972,394 barrels per day in August.
The situation was disclosed by the Nigerian Upstream Petroleum Regulatory Commission’s monthly oil report released on Thursday.
Nigeria’s August production figure is below Angola’s average daily output of 1.17 million barrels as reported by Bloomberg.
The Nigerian Upstream Petroleum Regulatory Commission report cited that Nigeria’s monthly average was 972,394, compared to 1,03,899 for the previous month.
However, Bloomberg’s survey of monthly OPEC output shows Nigeria’s output for August was 1.13 million barrels.
Bloomberg’s survey also noted that Libya produced 1.08 million barrels of crude daily in August and could soon overtake Nigeria if it continues on its current trajectory.
In May and June, the Organization of the Petroleum Exporting Countries (OPEC) revealed that Angola produced more crude oil than Nigeria.
Nigeria production struggle is coming amid oil prices trading 40 per cent more than the benchmark on the 2022 budget.
Data obtained from the Reuters website showed on Friday morning, that brent crude, the benchmark for Nigeria’s, oil was trading at $90 per barrel.