Angola has maintained the lead as Africa’s top producer for four months running as militant activities continue to cripple Nigeria’s crude oil production. According to OPEC,this will continue until militant activities are halted in Nigeria.
The Organisation of Petroleum Exporting Countries (OPEC) says Angola’s production levels rose by about 4,000 barrels per day, from May to June 2016.
In like manner, oil production rose by 98,000 barrels per day in Nigeria, but militant activities in the Niger Delta region continued to weigh on oil production.
According to OPEC secondary sources, in its latest monthly report, Angola’s production for June was at 1.773 million barrels per day, while Nigeria grappled with only 1.523 million barrels per day.
The plunge in Canada and Nigeria’s production, drove the OPEC basket price of crude by 40 percent – its largest quarterly gain ever.
“The value of the OPEC Reference Basket (ORB) was up 6% in June for the fifth month in a row, despite pressure from falling commodity prices after Britain’s vote to exit the European Union,” OPEC said.
“It also soared by more than 40% in the 2Q16, its largest increase ever, as firming global demand and unplanned production cuts from Canada to Nigeria eased the glut that had originally prompted the worst price rout in years.
“The uptick in crude prices also came amid continued unrest in Nigeria, and the latest data on China’s trade dynamics, which showed stabilizing exports in May.”
Source: Kenyan wallstreet