The Monthly Oil Market Report (MOMR) for April 2023 from the Organization of Petroleum Exporting Countries (OPEC) shows that Angola recorded 1.06 million barrels per day of crude oil production in April 2023.
Despite initial optimism, Nigeria's oil production fell by 23% in April, registering a production of 1.3 million barrels per day in March 2023.
Compared to the previous year, Nigeria's production level fell by 16.7% in April from 1.2 million barrels per day recorded in the corresponding period of 2022.
After a steady decline to around 1.1 million barrels a day in the second half of 2022, Nigerian production started to recover in the fourth quarter of 2022, to a daily production of 1.3 million barrels in the first quarter of 2023.
At less than 1.0 million barrels per day, this is the lowest production rate Nigeria has recorded in 2023, while Angola's production shows steady increases.
The OPEC number is close to Nigeria's oil industry regulatory authority, which shows Nigeria produced 998,602 barrels per day during the period.
The OPEC report further states that total OPEC crude oil production averaged 28.60 million barrels per day in April 2023.
Overall, the report reveals that crude oil production increased mainly in Saudi Arabia, Angola and Iran, while production in Iraq and Nigeria decreased.
