TheCable

Angola has overtaken Nigeria to become the largest oil producer on the African continent.

According to the Organisation of Petroleum Exporting Countries (OPEC), the Southern African country now leads the continent in oil production, despite perceived growth in the Nigerian managers’ index.

This is the third time Angola will overtake Nigeria as the continent’s largest producer, following Niger Delta unrest in April, July 2016.

OPEC via its monthly oil market report (MOMR), released on Monday said Angola’s production was now at 1.651 million barrels per day, according to secondary sources.

For direct communications between the country and OPEC, production levels were put at an average of 1.615 million barrels per day.

Nigeria, on the other hand, had its production levels at 1.576 million barrels per day and 1.604 million barrels per day, according to secondary sources and direct communications, respectively.

OPEC confirmed its member countries production levels from secondary sources – traders in the industry – and via direct communication with the country’s leadership.

Using both sources, Angola stands as Africa’s largest oil producer, after losing that spot to Nigeria in December 2016.

OPEC also revealed that Nigeria, Saudi Arabia and the United Arab Emirates recorded massive improvements in their economic outlook.

“In Nigeria, operating conditions in the country’s private sector improved in January for the first time in a year, as suggested by the Stanbic IBTC Bank Nigeria PMI,” OPEC said.

“The index was supported by renewed accelerations in output, as well as new orders received that also supported input-buying activities. The index’s headline figure posted 51.9 in January, up from 48.1 in December.”

In Saudi Arabia, “inflation posted a 1.7% y-o-y increase in the last month of 2016. The non-oil private sector showed strong signs of growth in January as the Emirates NBD Saudi Arabia PMI jumped to a 17-month high”.

“The index posted 56.7 last month, up from 55.5 in December on the highest rate of increase in output since August 2015, alongside an increase in new business to a 14-month high.”

Ibe Kachikwu, minister of state for petroleum resources, has said the country seeks to solve the problem of militancy in the Niger Delta in five months.