Market News

Libya overtook Nigeria to emerge top African crude oil producer for the month of March, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown.

According to the April 2024 Monthly Oil Market Report (MOMR) published by the oil cartel, Libya recorded 1.24 million barrels per day (bpd) of crude production in March, a 5.7 increase from 1.17 million bpd in February.

PlayUnmute Loaded: 1.68>#/span### Fullscreen

But Nigeria recorded an output of 1.23 bpd in March to 1.32 million bpd in February. The April output figure represented the lowest production rate the nation has recorded since July 2023.

The drop of almost 91,000 barrels per day, according to direct communications from OPEC underscores the difficulties the Nigerian oil sector faces, such as limited infrastructure, security breaches in oil-producing areas, and operational hiccups.

Experts said large-scale oil theft from pipelines and wells has been one of President Bola Tinubu’s biggest challenges in recent years, damaging government finances and limiting the country’s output and exports.

“We aren’t curbing oil theft nor are we taking or making quick wins at our Wells that need to be boosted or optimised,” Jide Pratt, country manager at Trade Grid and an energy analyst.