For the month of April 2023, Angola has overtaken Nigeria to take the top spot among African oil producing countries. This is based on direct communication information included in the Organization of the Petroleum Exporting Countries (OPEC) MOMR for April 2023.
Selon les recherches, l’Angola a produit 1,06 million de barils de pétrole brut par jour en avril 2023. Entre-temps, l’Algérie et le Nigéria ont tous deux enregistré une production quotidienne de 999 000 barils au cours de la période mise en évidence en avril 2023. Le taux de production du Nigéria en 2023 est au plus bas.
The report notes that the Nigerian economy struggled to recover in 1H23 due to weak business and consumer spending, high input cost inflation, and lower employment levels relative to other African countries.
However, recent signs point to a potential economic recovery in the coming months. The Nigerian government has extended the June deadline for ending gasoline subsidies, but has not yet specified a new date.
The OPEC report also indicated that month-on-month, total OPEC-13 crude oil production declined by 191,000 barrels per day (bpd) to an average of 28.60 million bpd in April 2023. While production in Iraq and Nigeria fell, it increased mostly in Saudi Arabia, Angola and Iran.
According to OPEC, escalating international tensions will continue to affect global oil consumption in 2023. In its monthly oil market report (MOMR), released on May 11, the organization made this claim. According to OPEC's research, global oil consumption would likely exceed 101.9 million barrels per day (mb/d) in 2023.
The Central Bank of Nigeria kept its policy rate at 18 percent after raising it by 50 basis points in March and 100 basis points in January. Despite the challenges, the Stanbic IBTC Bank Nigeria PMI rose sharply in April to 53.8 from just 42.3 in March, suggesting a potential rebound in the near term.