Angola and Libya maintained their lead over Nigeria as Africa's largest crude oil producers for the second month in a row, according to a report by the Organisation of Petroleum Exporting Countries (OPEC).
OPEC said so in its oil market report for the month. According to the report, Nigeria's crude oil production in September averaged 1.087 million barrels per day.
The report states that the figure shows an increase of around 30,000 mb/d from the 1.057 mb/d produced on average in August.
However, as in the previous month, the report shows that Angola remained Africa's largest crude oil producer for the month under review with an average production of 1.184 mb/d.
He said Libya's crude oil production also averaged 1.152 mb/d in September.
According to secondary sources, total OPEC-13 crude oil production averaged 29.77 mb/d in September, up 146,000 barrels per day month-on-month.
"Crude oil production increased mainly in Saudi Arabia, Nigeria, Libya and the United Arab Emirates, while production in Iraq, Venezuela and Iran declined," the report said.
He said the recent rate had been fuelled by domestic and international constraints on supply chains, a weakened naira and higher energy and transport prices.
"However, given the 21% year-on-year growth in broad money supply in August, there is a significant monetary component behind the inflationary spiral.
"For now, the Stanbic IBTC Bank Nigeria Purchasing Manager's Index rose to 53.7 in September 2022 from 52.3 the previous month," the report said.
He said this reflected a stable improvement in overall economic conditions, with sentiment remaining positive, supported by the outlook for the fossil fuel market.