Libya overtakes Nigeria as Africa’s biggest oil producer

Libya has overtaken Nigeria as the biggest oil producer in Africa with an average higher figure of 1.236 million bpd- a 5,000 barrel difference, becoming the largest oil producer in Africa for March 2024.

According to the latest data from OPEC’s monthly oil market report for March, Nigeria’s crude oil production for March dropped to 1.23 million barrels daily

This was approximately a 92,000-barrel drop from the 1.32 million daily production in February 2024.

Secondary sources said Nigeria’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 crude oil production in March is reported to be the lowest this year and fell below the benchmark crude oil production of 1.78 million barrels daily in the 2024 budget.

The decrease in crude oil production means lower receipts from oil sales and reduced foreign exchange for the federal government.