{"id":1204185,"date":"2022-09-14T12:48:18","date_gmt":"2022-09-14T12:48:18","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/09\/14\/angola-libya-overtake-nigeria-as-africas-biggest-oil-producer-economy\/"},"modified":"2022-09-14T12:48:18","modified_gmt":"2022-09-14T12:48:18","slug":"angola-libya-overtake-nigeria-as-africas-biggest-oil-producer-economy","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/09\/14\/angola-libya-overtake-nigeria-as-africas-biggest-oil-producer-economy\/","title":{"rendered":"Angola, Libya Overtake Nigeria As Africa\u2019s Biggest Oil Producer | Economy"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Angola and Libya have overtaken Nigeria as the biggest crude oil producers in the African continent.<br \/>The Organisation of the Petroleum Exporting Countries (OPEC) disclosed this in its Oil Market Report for September 2022 releases on Tuesday September 13 in Lagos.<\/p>\n<p>The report revealed that Nigeria\u2019s crude oil production for August averaged 1.100 million barrels per day which\u00a0was 65,000mb\/d lower than the 1.164mb\/d produced averagely in July.<\/p>\n<p>While Angola was Africa\u2019s highest crude oil producer for the month under review with an average production of 1.187mb\/d.<\/p>\n<p>Libya\u2019s crude oil production averaged also 1.123mb\/d for the period.<\/p>\n<p>The report said: \u201cAccording to secondary sources, total OPEC-13 crude oil production averaged 29.65 mb\/d in August, higher by 618,000 month-on-month.<br \/>\u00a0<br \/>\u201cCrude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined.\u201d<br \/>\u00a0<br \/>Nigeria\u2019s real Gross Domestic Product (GDP) rose by 3.5 percent year-on-year this year following growth of 3.1 percent in the first quarter of 2022.\u00a0<\/p>\n<p>\u201cOn a quarterly basis, the GDP shrank by 0.37 percent following a 14.66 percent contraction in the previous quarter.<\/p>\n<p>\u201cNevertheless, the annual inflation rate surged to the highest since September 2005, climbing to 19.6 percent y-o-y in July from 18.6 percent in June.<br \/>\u201cThis was a result of the weakening naira due to continued high imported input costs as well as soaring fuel prices.<\/p>\n<p>\u201cMoreover, food inflation increased to 22 per cent y-o-y, the highest since May 2021,\u201d\u00a0 the report added.<\/p>\n<h3><strong\/><\/h3>\n<p><span class=\"peace_black_text_4\">Source: LIB<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<table width=\"100%\" border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"clear:both\">\n<tr>\n<td><span class=\"peace_red_text_1\">Disclaimer<\/span>: <span class=\"peace_ash_text_1\">Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.<\/span><\/td>\n<\/tr>\n<\/table>\n<p>Featured Video\n<\/p>\n<p><div class=\"youtube-embed\" data-video_id=\"wB2-NHndouE\"><iframe loading=\"lazy\" title=\"Our Fight Against Sim Card Registration Is Unending- Hon. Ras Mubarak Cautions Gov&#039;t\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/wB2-NHndouE?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Angola and Libya have overtaken Nigeria as the biggest crude oil producers in the African continent.The Organisation of the Petroleum Exporting Countries (OPEC) disclosed this in its Oil Market Report for September 2022 releases on Tuesday September 13 in Lagos. The report revealed that Nigeria\u2019s crude oil production for August averaged 1.100 million barrels per [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1121366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[2219,8648,2229,1963,12493,633,1077,10950,2701],"class_list":["post-1204185","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-africas","tag-angola","tag-biggest","tag-economy","tag-libya","tag-nigeria","tag-oil","tag-overtake","tag-producer"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1204185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1204185"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1204185\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1204185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1204185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1204185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}