Nigeria’s Oil Production Declines, Active Rigs Rise

Nigeria, which again lost its Africa’s top oil producer status to Angola in
January, has recorded further decline in its crude oil production, a new
report from the Organisation of Petroleum Exporting Countries has
indicated.

OPEC, in its Monthly Oil Market Report for March 2017, put crude oil
production from Nigeria at 1.526 million barrels per day in February, down
from 1.533 million bpd in the previous month, based on direct
communication. Production from its southern African counterpart, Angola,
stood at 1.649 million bpd in February, up from the 1.615 million bpd
recorded in January.

OPEC, which uses secondary sources to monitor its oil output, but also
publishes a table of figures submitted by its member countries, said the
group’s total production in February averaged 31.96 million bpd, showing a
decrease of 14,000 bpd over the previous month.