BreakingOil & GasTop StoryTrending Story

Africa’s top crude oil producer: Libya overtakes Nigeria

283

 

 

With Libya’s oil production rising to 1.24 million bpd in October,  it appears the North Africa country has overtaken Nigeria as Africa’s top oil producer, according to a new report by the Organisation of the Petroleum Exporting Countries (OPEC).

According to the data submitted by Nigeria to OPEC, Nigeria’s oil output fell to about 1.23 million barrels per day in October from about 1.25 million bpd in the previous month.

Libya’s oil production rose to 1.24 million bpd in October from 1.16 million bpd in September.

But according to OPEC secondary sources, Nigeria still pumps more oil than Libya, Persecondnews.com  gathered.

The secondary sources estimate Nigeria’s production in October at 1.35 million barrels per day, a decline of 45,000 bpd from about 1.40 million bpd in September.

Libya’s output was put at 1.164million barrels a day, higher than the 1.149 million barrels a day in September.

Nigeria, whose oil minister is President Buhari, recorded the second biggest drop in output in October among its peers in OPEC, after Iraq.

The country’s production fell the most in the month, according to secondary sources.

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.

“Crude oil output increased mainly in Saudi Arabia, Venezuela, the UAE, and Kuwait, while production in Nigeria, Gabon and Equatorial Guinea declined,” the sources said.

Saudi Arabia’s crude oil production rose to 9.759 million bpd, and the Kingdom was quite naturally the producer with the largest monthly increase.

Nigeria’s output was more than 200,000 bpd below its cap of 1.6 million bpd.

Nigeria has been struggling to reach its quota while frequent force majeure events have also contributed to the much lower production than allowed under the OPEC+ deal, reports oil.com.

At the end of October, Shell’s Nigerian unit declared force majeure on loadings of Bonny Light crude, following the shutdown of the Nembe Creek Trunk Line (NCTL) by the operator, Aiteo Exploration and Production Limited.

Elsewhere among African members, the combined crude production in Gabon and Equatorial Guinea fell by 30,000 bpd in October from September.

The OPEC members that raised their respective production last month included all three producers exempted from the OPEC+ cuts—Venezuela, Iran, and Libya.

Venezuela boosted its oil production by 57,000 bpd per secondary sources in the OPEC report. Iran and Libya saw smaller increases of 10,000 bpd and 15,000 bpd.

Since production at those three is not part of the OPEC+ deal, the 217,000-bpd output increase of OPEC-13 becomes even smaller when restricted to the 10 members part of the OPEC+ pact.

Leave a comment

Related Articles

Breaking: Emefiele gets N50m bail

A former Central Bank of Nigeria Governor, Godwin Emefiele, was on Friday...

Gas critical to driving economic growth, industrial development — NNPCL GCEO, Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited...

War against oil theft: Tug boat conveying illegal diesel arrested, 115 oil thefts in one week – NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) says a tugboat conveying suspected...

EFCC to clampdown on schools, hotels, supermarkets, others dollarizing transactions

….vows to put in jail anyone found to be dollarizing the economy...

Billionaire philanthropist Tony Elumelu mulls buying NPFL team

As part of his corporate social responsibility, billionaire banker and philanthropist Tony...

Breaking: Nigeria to get oil-backed $1bln Afreximbank loan in May

Nigeria is set to receive $1.05 billion from a syndicated loan backed...

Breaking: Court remands Binance executive in Kuje prison

A Federal High Court in Abuja has remanded Binance executive, Tigran Gambaryan,...

Ex-CBN Gov. Emefiele arrives Lagos court, faces fresh 26-count charge

Godwin Emefiele, the immediate past Central Bank of Nigeria Governor, has arrived...

Ex-CBN Gov. Emefiele faces fresh 26-count charge

The Economic and Financial Crimes Commission (EFCC) has filed a fresh 26-count...

Global peace is attainable, says Pres. Tinubu

President Bola Tinubu has called for a peaceful, just, and inclusive society,...

Paris 2024: Super Falcons outplay Bayana Bayana in Abuja, win first leg 1-0

Hard-fought victory for the Super Falcons in Abuja as Rasheedat Ajibade’s goal...

Nigerian Idol 2024: Simi, D’banj, Obi Asika dropped

In anticipation of the upcoming season of Nigerian Idol, fans are buzzing...

New York records 4.8 magnitude earthquake

The earthquake sent tremors from Philadelphia to Boston and jolting buildings in...

Gavi pledges $250m grant for Nigeria’s vaccine initiatives

In a bid to strengthen Nigeria’s healthcare system, Gavi, the Vaccine Alliance,...

Bobrisky convicted of naira abuse, to remain in EFCC custody until April 9 for sentencing 

A Federal High Court in Lagos has convicted controversial cross-dresser and social...

Tinubu to OPS: I have no excuses to underperform, I campaigned for the job

President Bola Tinubu has assured the Nigeria Business Community of government support...

Tinubu calls for direct elections into ECOWAS parliament

President Bola Tinubu, at the swearing-in of 97 members into the parliament...

I’ll fix the country’s economic challenges, bring down inflation, Tinubu assures Nigerians

President Bola Tinubu has assured Nigerians that his administration will fix the...

Updated: Tinubu signs 2024 reworked student loan bill

President Bola Tinubu has signed Student Loans (Access to Higher Education) Bill...

Tinubu signs student loans bill 2024

The Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill,...