• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Angola produces more oil than Nigeria for second straight month

3 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets, Trade
2 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Angola produces more oil than Nigeria for second straight month

For the second straight month, Angola produced more crude oil than Nigeria in June despite the increase in the output of Africa’s biggest economy, according to a new report by the Organization of the Petroleum Exporting Countries (OPEC).

BusinessDay had reported last month that Nigeria lost its status as Africa’s top oil producer to Angola as its output declined the most in May among its peers in OPEC.

OPEC’s monthly oil market report for July 2022 show that Nigeria’s oil production increased by 134,000 barrels per barrel (bpd) to 1.158 million bpd in June from 1.024 million in May, based on direct communication.

Angola’s oil production rose to 1.175 million bpd in June, up from 1.162 million bpd in May, based on direct communication.

OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.

Nigeria recorded the biggest increase in production among its OPEC peers in June, and the prices of the country’s three major crude oil grades rose.

RelatedPosts

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

“On a monthly average, crude differentials to the North Sea Dated benchmark of Bonny Light, Forcados and Qua Iboe rose by $2.45, $3.26, and $2.83, respectively m-o-m in June, to settle at a premium of $5.28/b, $7.61/b, and $6.53/b,”

OPEC said Angolan crude differentials also rose on demand from Europe, adding: “The crude differential of medium-heavy sweet crude Cabinda rose in June by $2.83 m-o-m on average to a premium of $3.76/b.”

According to secondary sources, OPEC’s crude oil production averaged 28.72 million bpd in June 2022, higher by 234,000 bpd compared to the previous month.

“Crude oil output increased mainly in Saudi Arabia, the UAE, IR Iran, Kuwait and Angola, while production in Libya and Venezuela declined,” the 13-member oil cartel said.

OPEC said despite the improvement in fossil fuel prices, the short-term economic outlook for Nigeria was clouded by high inflation, which had reduced private sector optimism and weakened consumer spending.

In May 2022, the composite Consumer Price Index rose to 17.7 percent year-on-year from 16.8 percent y-o-y in the prior month.

The report noted that in response to the elevated inflationary pressures, the Central Bank of Nigeria raised its policy rate by 150 basis points to 13 percent, bringing borrowing costs to the highest since April of 2020.

It said: “It was the biggest rate hike since July of 2016 amid concerns that persistent inflationary pressures could weigh on the country’s fragile recovery. Meanwhile, the Stanbic IBTC Bank Nigeria PMI fell to 50.9 in June of 2022 from 53.9 in the prior month, pointing to the weakest improvement in business conditions in Nigeria’s private sector since January of 2021.

“Overall, the above-average fossil fuel prices support a firmly positive outlook for the rest of the year, but concerns over soaring inflation would increase uncertainty next year.”

Preliminary data indicates that global liquids production in June increased by 1.32 million bpd to average 99.82 million bpd compared with the previous month.

However, non-OPEC liquids production, including OPEC natural gas liquids (NGLs), was estimated to have increased in June by 1.1 million bpd month-on-month to an average 71.1 million bpd, but was higher by 2.5 million bpd year-on-year.

The report said: “The share of OPEC crude oil in total global production decreased by 0.1 percentage points to 28.8 percent in June compared with the previous month.

“Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.”

For 2022, world oil demand is foreseen to rise by 3.4 million bpd, unchanged from last month’s estimate despite some regional revisions, according to OPEC.

“Total oil demand is projected to average 100.3 million bpd. In 1Q22, demand was revised up amid strong economic growth in most consuming countries and a lower baseline,” it said.

Tags: AngolaAngola produces more oil than Nigeria for second straight monthNigeriaOrganization of the Petroleum Exporting Countries (OPEC).
No Result
View All Result

Highlights

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Trending

Features

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool's Thrilling Win Over Newcastle Liverpool triumphed 3-2 over Newcastle United...

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

August 26, 2025

GSE Opens Week Higher as CPC Posts First Gain of 2025

August 26, 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

August 26, 2025

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.