The Organization of Petroleum Countries (OPEC) said in its latest report that crude oil output increased the most in Nigeria in February while production in Saudi Arabia, Iraq, UAE and Angola showed the largest declines, Daily Trust reports.
OPEC in its February Monthly Oil Market Report (MOMR) citing secondary sources, said crude oil production among OPEC members decreased by 0.14 million barrels per day (b/d) from 32 million b/d in January to average 31.96 million b/d in February. The decrease may not be unconnected with the agreement by 24 oil producers, led by OPEC members and Russia, to reduce output in an effort to clear surplus crude in the global market that has crashed oil prices.
The report showed that oil production in Nigeria rose from 1.550 million b/d in January to 1.608 million b/d in February. The production increase inched Nigeria closer to Angola which still remains Africa’s largest oil producer, despite recording a drop in output. Angola pumped 1.659 million b/d in January higher than 1.641 million b/d last month, the report also showed.