Africa-Press – Angola. Angola overtook Nigeria as the biggest oil producer in sub-Saharan Africa in May, according to data from the Organization of Petroleum Exporting Countries (OPEC), by pumping 1.1 million barrels a day.
Angolan production fell from 1.183 million barrels a day pumped in April to 1.162 million in May, but benefited from an even greater drop in Nigeria, whose production decreased from 1.219 million barrels in April to 1.024 million the following month, losing the leadership of the largest producers in sub-Saharan Africa.
The OPEC monthly report presents two types of production data: the calculation of production for export based on secondary sources and data provided by the producing countries themselves. In the figures sent by the two countries, Angola surpassed the largest African economy but, taking into account the data calculated by OPEC based on secondary sources, Nigeria remains the leader among the largest producers in sub-Saharan Africa.
Data based on secondary sources show that Nigeria, despite having had a reduction in production of around 45 thousand barrels per day, pumped 1.306 million barrels per day in April, and 1.262 million in May, up from 1.176 million barrels per day. barrels produced in Angola, which almost maintained production between April and May.
In that month, the 13 OPEC countries produced, according to the organization’s secondary sources, an average of 28.5 million barrels per day, which is about 176,000 barrels per day less than in April.
Angolan production, at around 1.1 million barrels a day, is in line with the estimate recently presented by the finance minister, who revised the forecast for economic growth upwards, to 2.7 percent of GDP this year.
“We have revised the growth forecast for the Gross Domestic Product for this year to 2.7 percent, considering the same pace of 1.14 million barrels of oil per day and a price of around 100 dollars”, said Vera Daves de Sousa. at a Bloomberg conference about a month ago, and the price per barrel has risen since then, reaching around US$120 this week.
In an analysis of the evolution of oil production in Angola, at the end of May, the consultancy Oxford Economics estimated that the country could reach an average of 1.18 million barrels per day.
“We expect oil production to rise to 1.18 million barrels per day in 2022, but the balance of risks is skewed to the downside due to the possibility of further technical issues and delays in the implementation of new projects,” the analysts write. from Oxford Economics Africa.
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