Data from the Organization of Petroleum Exporting Countries, OPEC’s monthly oil market report (MOMR) for April 2023 has revealed that Angola produced 1.06 million barrels per day (BPD) of crude while Nigeria’s output dropped to 999,999 BPD during the period.
Nigeria’s oil production decline has been mainly caused by faulty production machinery and oil theft. This led to the steady drop noticed in the sector in H2, 2022 as production figures steadied at about 1.1 million BPD.
There was, however, a recovery in output figures as the FG became determined to arrest some of the issues raised by stakeholders in the industry. The proactive measures taken by the FG shot up production figures to about 1.3 million BPD in Q1, 2023.