Libya has become the leading producer of crude oil in Africa, overtaking Nigeria!

By the end of March 2024, Libya became the leading producer of crude oil in Africa, overtaking Nigeria. This is what the latest report from the Organization of the Petroleum Exporting Countries (OPEC) shows.

The document said the North African country’s crude oil production reached 1.24 million barrels per day, an increase of 5.7 percent from the previous month’s production, which was 1.17 million barrels per day. Nigeria’s crude oil production stood at 1.23 million barrels per day over the same period, compared to 1.32 million barrels per day for the month of February.

This change in leadership reflects the constant efforts of the Libyan authorities to strengthen production and the difficulties encountered by Nigeria for several years to stabilize its production subject, among other things, to dilapidated infrastructure and problems of vandalism.

The improvement in Libyan production occurred alongside a broader trend of increasing production in several OPEC member countries. In March, Iran, Saudi Arabia, Gabon and Kuwait boosted their offers, unlike Nigeria, Iraq and Venezuela.

The OPEC report highlights that the total oil production of its 12 member states averaged 26.6 million barrels per day in March 2024, representing a year-on-year increase of 300,000 barrels per day annual.