Angola has maintained its position as the biggest oil producer in Africa for the second month in a row, with oil production measuring higher than that of Nigeria in both May and June 2022.
According to the Organization of Petroleum Exporting Countries’ (OPECs) Monthly Oil Report for June 2022, Angola’s oil production increased to 1.175 million barrels per day (bpd) from 1.162 million bpd in May, representing the highest in Africa.
Despite production declines from 1.18 million bpd to 1.16 million bpd from April to May 2022, Angola’s oil production exceeded that of Nigeria’s during the same period.
Over this period, Nigeria experienced the biggest output decline out of all OPEC member states, with production declining by 195,000 bpd to 1.02 million bpd from April to May 2022.
However, in June, both Angola and Nigeria recorded oil production increases, with Angola’s production increasing to 1.175 million bpd and Nigeria’s by 134,000 bpd to 1.158 million bpd – representing the biggest increase among OPEC member states in June 2022.
In June 2022, OPEC’s total crude oil production averaged 28.72 million bpd, 234,000 bpd higher than output measured in May 2022. Saudi Arabia, the United Arab Emirates, Iran, Kuwait and Angola witnessed output increases while production in Libya and Venezuela declined.
As OPEC looks at increasing production even further and new upstream projects come online, the status as the biggest oil producer in Africa is expected to grow increasingly competitive.