Nigeria has dropped into the second position as the second largest oil producer in Africa as war torn Libya overtook the country in the production of crude oil in the continent.
nigeria, hithreto, occupied the position of Africa’s top oil producer status but due to lingering supply disruptions, its production capacity has declined giving room for Libya to over take, according to a new report by the Organization of the Petroleum Exporting Countries OPEC).
The country’s oil production has fallen to around 1.23 million barrels per day in October from 1.25 bpd in September, OPEC latest report stated.
Libya, which overtook Angola as the second-biggest producer on the continent in December last year, saw its oil production rise to 1.24 million bpd in October from 1.16 million bpd in September, based on direct communication, according to OPEC.
OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.
According to secondary sources, Nigeria’s production declined by 45,000 bpd to 1.35 million bpd in October from about 1.40 million bpd in September.
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, 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,” it said.
OPEC said crude differentials of light and medium sweet crude rose in the Mediterranean and West African markets in October on good buying interest from European buyers, strong refining margins, supply disruptions in Libya and Nigeria.