Libya overtakes Nigeria to become Africa’s biggest oil producer
According to the latest report from the Organization of the Petroleum Exporting Countries (OPEC), Libya surpassed Nigeria to become the top crude oil producer in Africa for March 2024. Libya’s crude oil production rose to 1.24 million barrels per day in March, up from 1.17 million barrels per day in February, while Nigeria’s production dropped to 1.23 million barrels per day in March from 1.32 million barrels per day in February. Libya had already recorded the highest monthly increase in oil production in Africa in February, surpassing Nigeria, which was previously the largest producer on the continent.
In addition to overtaking Nigeria as the continent’s leading crude oil producer for March 2024, Libya’s increase in production signals a significant boost in its oil output. This surge comes after Libya experienced disruptions in its oil production due to conflicts and political instability in recent years. The country’s ability to increase production highlights its efforts to stabilize its oil industry and enhance its contribution to the global oil market. Meanwhile, Nigeria’s decrease in production could be attributed to various factors such as maintenance activities, operational challenges, or fluctuations in global oil demand.
In conclusion, Lybia’s growth to being Africa’s number 1 in terms of oil production depicts its resilience and a shake up in the oil production dynamics in Africa.
