Libya overtakes Nigeria as Africa’s biggest oil producer
Libya has displaced Nigeria as the biggest oil producer in Africa producing an average higher figure of 1.236 million bpd- a 5,000 barrel difference, becoming the largest oil producer in Africa for March 2024.
Nigeria’s crude oil production for March dropped to 1.23 million barrels daily according to the latest data from OPEC’s monthly oil market report for March.
This was a 92,000 barrel drop from the 1.32 million daily production in February 2024.
However, according to secondary sources, the country’s crude oil production for March stood at 1.39 million barrels daily- marking a decline of 38,000 daily from 1.43 million barrels.
The country’s crude oil production in March was the lowest this year and fell below the benchmark crude oil production of 1.78 million barrels daily in the 2024 budget.
The drop in crude oil production means lower receipts from oil sales and reduced foreign exchange for the federal government.
According to the report, Saudi Arabia maintained its position as the biggest oil producer among OPEC member countries with average daily production of 8.97 million bpd- a drop of 39,000 barrels, followed by Iraq with 3.9 million bpd and the United Arab Emirates with 2.91 million barrels daily.
In March, the value of the OPEC Reference Basket (ORB) rose by $2.99, or 3.7% month-on-month, reaching an average of $84.22 per barrel. Similarly, oil futures prices also saw an increase.
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