Libya Overtakes Nigeria As Africa’s Biggest Oil Producer

Nigeria has lost its Africa’s top oil producer status to Libya as crude oil production fell further last month amid lingering supply disruptions.

 

According to a report by the Organization of the Petroleum Exporting Countries (OPEC), Nigeria told OPEC that its oil output fell to about 1.23 million barrels per day in October from about 1.25 million bpd in the previous month.

 

Libya had overtaken Angola as the second-biggest producer on the continent in December last year after its oil production rose from 1.16 million bpd in September to 1.24 million bpd in October.

 

 

 

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.

 

It’s production had declined by 45,000 bpd to 1.35 million bpd in October from about 1.40 million bpd in September.

 

OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.

 

The 13-member oil cartel said its total crude production averaged 27.45 million bpd in October, higher by 220,000 bpd month-on-month, according to secondary sources.

Source: Newscentral

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