Nigeria’s persistent oil thefts have caused Africa’s largest economy to lose its prestige as the continent’s most sensible crude manufacturer to Angola, a new rating it is expected to replace in the near term.
Last August, Nigeria’s average production stood at 1. 13 million barrels consistent with the day (bpd), slightly falling, for the first time since April 2017, Angola’s daily production rate of 1. 17 million barrels, according to The OPEC production survey consistent with bloomberg’s month.
Figures from the Nigerian regulator, quoted via Reuters, showed Nigeria’s output in August fell below 1 million bpd, the lowest point in decades and less than a fraction of the West African nation’s production rates 10 years ago.