Libya has scooped the first position in oil producing in Africa. Organization of the Petroleum Exporting Countries (OPEC) in its April 2024 Monthly Oil Market Report made the announcement and said the country overthrew Nigeria with an output of 1.24 million barrels of oil per day (bpd) in March 2024.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.60 mb/d in March 2024, 3 tb/d higher, m-o-m. Crude oil output increased mainly in IR Iran, Saudi Arabia, Gabon, and Kuwait, while production in Nigeria, Iraq, and Venezuela decreased,” said OPEC.
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Nigeria’s decline
Nigeria lost the top spot after reporting a drop of almost 91,000 bpd from 1.32 million bpd in February to 1.23 million bpd in March, marking an output decrease of 6.8%.the recent drop in the country’s crude production can be attributed to a surge in pipeline vandalism and crude oil theft incidents in its oil-producing region. Experts weighed in, saying that this has led to a decline in business activity and subdued consumer spending, high input-cost inflation, and lower employment levels compared with the previous year.
On the other hand Libya’s increase in output aligns with the country’s broader economic goals and its efforts to capitalize on its significant oil reserves. Strategies to bolster output by the country’s National Oil Corporation (NOC) include an oil and gas licensing round in 2024, production resuming at the El Sharara oilfield in July 2023, and both existing and potential exploration and production players being invited to the country to explore for hydrocarbons.