Libya overtakes Nigeria as Africa’s biggest oil producer

Nigeria has lost its Africa’s top oil producer status to Libya as its crude oil production fell further last month amid lingering supply disruptions, according to a new report by the Organization of the Petroleum Exporting Countries.

Nigeria told OPEC that its oil output fell to about 1.23 million barrels per day in October from about 1.25 million bpd in the previous month, the cartel’s latest report released on Wednesday revealed.

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.

“However, soft demand from Asian refiners for Atlantic Basin crude amid unfavourable west-to-east arbitrage capped the rise. Crude differentials of Bonny Light, Forcados, and Qua Iboe rose firmly on a monthly average in October by 70¢, $1.06, and 75¢, respectively, to stand at premiums of 10¢/b, 27¢/b, and 4¢/b,” it added.

A London-based economic research firm, Capital Economics, said in a note that the increase in OPEC’s oil output in October was below its target of 400,000bpd.

“Once again, Angola and Nigeria were largely responsible for this undershoot. Operational issues brought about by a lack of investment in oil-producing facilities continue to plague output in both countries, while Nigeria is also grappling with recurring militant attacks on key pipelines,” it said.

The firm said with these issues unlikely to be resolved soon, OPEC would probably continue to undershoot its planned increases in output in the months ahead.

It said, “This will do little to alleviate the signs of undersupply in the oil market. For example, the price spreads between front-month futures and longer-dated futures are now as negative as any time in recent years, which normally indicates a lack of near-term supply.

“Despite persistently undershooting its target, we doubt OPEC will make any major changes to its output policy at its next meeting on December 2. Admittedly, external pressure on the group has continued to grow, with the US now reportedly considering a release of oil stocks from its strategic reserve.”

https://www.google.com/amp/s/punchng.com/libya-overtakes-nigeria-as-africas-biggest-oil-producer/%3famp

Even Oil sef don dey finish

Wait let me get something straight, even with the civil war, terrorism and political instability, Libya is able to increase her oil production.

When you see a country that means business, you don't need to be told

Time to diversify and do away with our overdependence on crude oil.

Electric cars are now available and soonest will durst aside petrol enabled cars but with proper planning, the impact of less petroleum consumption will not be felt.

All thanks to Buhari the failure

Nigeria is cursed with bad leaders!

[img]https://c./mf6ywtZBpvgAAAAC/libya-qaddafi.gif[/img]

Oh really?

We don't need it.

We are the largest supplier of bandits and jihadist terrorists worldwide.

Wetin be oil
Sai Baba 2031!!

Nigeria has always been SECOND in all International issues since Secondus became Chairman of one of the two major political parties. Hopefully, things will change for the better now that Ayu is Chairman.

While chunk of National revenue have been allocated to explore/sourced for oil
In the barren north

What can we now boast of now
Popularity?

Opari... They have succeeded in milking Nigeria dry... Most corrupt government Nigeria has ever been cursed with.. Tuehh!

Buhari is truly a badluck to Nigeria....him and those his brainless advisers

V

Nigeria was never, they were only benefiting from Libya crises, infact we are third, behind Angola

Nigeria , the sleeping giant

Normal

Fall of Zoogeria


Coming Soon

Thanks to the evil bad luck useless old man..... everything he presides over loses fortunes or dwindles @ a geometric rate....shebi Dem wan add Borno, Gombe, kogi etc by all means to Niger delta....why did they not sustain Nigeria's status as the highest oil producer in Africa & Globally.... useless fellow.

Sai Baba

Govt of Nigeria don collect BREAKFAST

Gaddafi will now smile! Fulani govt had a new achievement and a new crown to his e-zonebies.

michlins:
Wait let me get something straight, even with the civil war, terrorism and political instability, Libya is able to increase her oil production.

When you see a country that means business, you don't need to be told

No.

You probably should re-establish the extent of [real] "civil" war & Terrorism in Libya CURRENTLY.

It could be that the place is more peaceful than Nigeria. Human trafficking, notwithstanding.

Shadow of a country

We must learn lesson

Well, for your UK used/New smart TV sets and soundbars, check my signature

NwaNimo1:
Nigeria is cursed with bad leaders!

[img]https://c./mf6ywtZBpvgAAAAC/libya-qaddafi.gif[/img]

na bad leaders make oil dry make una dey comment with Sense abeg

To the keen observer the question should be "why is the correlation between the instability in libya and oil output positive?"

Interesting times in Africa

Iyen na daa