Angola will close 2016 as the lead oil producer in Africa, having surpassed Nigeria by reaching an average of 1.7mb/d, Prensa Latina reported. The figure exceeds the previous record of 1.5mb/d.

Pumping has increased by 8,800b/d against June report, when the country surpassed Nigeria for the first time, with its steady rise against declines recorded by Nigeria for most part of 2016, informed Vanguard.

Angola’s oil production represents 90% of exports, 50% of gross domestic product, and 80% of its tax revenues. However, on average, Luanda obtained $45.93/bof oil exported in 2016, compared to $100 earned in 2014.

Meanwhile, the Angolan National Fuel Company (Sonangol) has begun a process of reforms that include bringing down the production cost of one barrel of crude oil to $12, almost half of the current rate. Yet, Sonangol’s revenues are still lower than in 2013, the year before the economic crisis. In 2014, revenues reached more than $26b, and in 2015 decreased to about $16b. This comes as the company has estimated its 2017 budget at $46 a barrel and an annual production of 664.68b barrels of crude, or an average of 1.84mb/d.