Libya has overtaken Nigeria to become Africa's leading crude oil producer, according to the latest report from the Organisation of Petroleum Exporting Countries (OPEC). In March 2024, Nigeria's oil output dropped by 6.8% to 1.23 million barrels per day (bpd) from 1.32 bpd in February 2024, while Libya saw a 5.4% increase to 1.236 million bpd from 1.173 million bpd in February.
OPEC, in its April 2024 Monthly Oil Market Report (MOMR), revealed that Nigeria retained its position as the continent's top producer according to secondary sources, producing 1.398 million bpd, while Libya produced 1.161 million bpd during the same period.
However, based on official sources, Libya emerged as the highest crude oil producer in Africa. Total OPEC-12 crude oil production averaged 26.60 million barrels per day in March 2024, with increases in production observed in Iran, Saudi Arabia, Gabon, and Kuwait, while Nigeria, Iraq, and Venezuela saw decreases.
The Nigerian government expressed concerns over the industry's ability to meet domestic crude obligations to local refineries. Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, emphasized the importance of prioritizing crude supply to local refineries to achieve the goal of becoming a net exporter of refined petroleum products.
Post a Comment
0Comments