Nigeria has overtaken Angola to reclaim the position as Africa’s top oil producer.

For seven months Angola had led with 1.7m barrels a day while Nigeria pumped 1.5m.

According to the Organisation of Petroleum Exporting Countries (OPEC) December 2016 Monthly oil Market report (MOMR), crude oil production from Nigeria surpassed Angola’s production.

Oil prices jumped more than $1 a barrel on Thursday (Jan 12) on news that key OPEC members had agreed to cut production as promised in November alongside forecasts of increased demand in China.

Brent crude oil rose $1.33 a barrel to a high of $56.43 before easing slightly to trade around $56.20 by 1445 GMT (9:45 a.m. ET). U.S. light crude was up $1.05 a barrel at $53.30.

Pipeline vandalism and the destruction of oil and gas facilities in the Niger Delta have been causing Nigeria huge revenue losses and preventing the country from meeting its daily crude production targets.

It is reported that Nigeria's primary goals for 2017 would be to secure "lasting peace" in the Niger Delta, gain external funding for oil investments, and improve its oil refining system.

On oil prices, Saudi Energy Minister Khalid al-Falih said on Thursday the kingdom had cut production to its lowest in almost two years, a move that would help accelerate a rebalancing of the global oil market.

“The market first of all is extremely healthy,” Falih told a conference in Abu Dhabi, adding that global demand for oil would grow by well over 1 million barrels per day (bpd) in 2017 and the market would tighten in two to three years.

Oil prices would respond this year, Falih added.

READ MORE: Oil prices hit 18-month high as OPEC output deal kicks in

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