Nigeria been
the largest producer of oil in the African Continent, experienced an increase in
her crude oil output which increased by about 70,400 barrels per day (bpd) to
1,857,000bpd in August 2015, from its July output of 1,787,000bpd going by the
current figures released by OPEC in its latest monthly oil market report, Business
Day Reports.
The August
2015 records, in comparison to the output of August 2014, which stood at 2,008,000bpd
shows a massive drop of 151,000bpd. Despite the challenges in the global oil
market, Nigeria still maintained the record as Africa’s largest oil producer in
August, with Angola at 1.735 million bpd ranking second and Algeria ranked
third with an output of 1.109 million.
Total
recorded OPEC Crude oil production in August averaged 31.54 million bopd which
showed an increase of 99,000bpd over the previous month. The increased volume
reflects higher output from Nigeria, Saudi Arabia and Kuwait. “Crude oil output
increased mostly from Nigeria, Saudi Arabia and Kuwait, while production in
Iraq and Angola showed the largest drop,” the report said.
Global oil
supply decreased by 53,000bpd to average 94,620bpd in August 2015, compared
with the previous month. This decline was due to the drop in non-OPEC supply.
OPEC said it expected non-member supplies to grow by 880,000 barrels a day,
down by 72,000 barrels a day from last month’s report, because of
“lower-than-expected output” from the United States.
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