In its April 2024 Monthly Oil Market Report, the Organization of the Petroleum Exporting Countries (OPEC) announced that Libya has surpassed Nigeria to become the top oil producer in Africa. According to OPEC’s secondary sources, Libya’s crude oil output reached 1.24 million barrels per day (bpd) in March 2024, overtaking Nigeria’s production of 1.23 million bpd.
Read more: OPEC reaffirms 2.25 million bpd growth in global oil demand for 2024
The report stated that, according to secondary sources, total OPEC-12 crude oil production averaged 26.60 mb/d in March 2024, which was 3 tb/d higher month-over-month. The report indicated that crude oil output increased mainly in IR Iran, Saudi Arabia, Gabon, and Kuwait, while production in Nigeria, Iraq, and Venezuela decreased.
Nigeria’s drop in output, by almost 91,000 bpd from February to March, represents a 6.8 percent decrease. Experts attribute this decline to a surge in pipeline vandalism and crude oil theft incidents in Nigeria’s oil-producing regions. This has led to a slowdown in business activity, higher input-cost inflation, and lower employment levels compared to the previous year.
In contrast, Libya’s increase in oil production aligns with the country’s broader economic objectives and efforts to capitalize on its significant petroleum reserves. Strategies implemented by Libya’s National Oil Corporation (NOC) to boost output include an oil and gas licensing round in 2024, the resumption of production at the El Sharara oilfield in July 2023, and invitations extended to both existing and potential exploration and production players to explore for hydrocarbons within the country.
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