A new report by the Organisation of the Petroleum Exporting Countries (OPEC) shows that Libya has overtaken Nigeria to become Africa’s biggest oil producer.
This follows persistent falls in Nigeria’s crude oil production amid supply disruptions.
The report showed that Nigeria had reported that its oil output fell to about 1.23 million barrels per day in October from about 1.25 million bpd in September, while Libya, which overtook Angola as the second biggest producer in Africa, in December 2020, saw its oil production rise to 1.24 million bpd in October from 1.16 million bpd in September, based on direct communication.
Apart from secondary sources, OPEC publishes a table of figures submitted by its member countries to monitor its oil output.
Nigeria recorded the second biggest drop in output in October among its peers in OPEC, after Iraq, based on direct communication. The country’s production fell the most in the month, according to secondary sources.
OPEC said its total crude production averaged 27.45 million bpd in October, higher by 220,000 bpd month-on-month, according to secondary sources.
Crude oil output increased mainly in Saudi Arabia, Venezuela, the UAE, and Kuwait, while production in Nigeria, Gabon and Equatorial Guinea declined,” it said.
The oil cartel said crude differentials of light and medium sweet crude rose in the Mediterranean and West African markets in October on good buying interest from European buyers, strong refining margins, supply disruptions in Libya and Nigeria.
