Libya has surpassed Nigeria to become the leading oil producer in Africa, with an average daily production of 1.236 million barrels per day (bpd) in March 2024, edging ahead by 5,000 barrels.
In contrast, Nigeria experienced a decline in crude oil production, dropping to 1.23 million barrels per day in March, as reported by the latest data from OPEC’s monthly oil market report. This marked a significant decrease from February 2024, where Nigeria’s daily production stood at 1.32 million barrels, signaling a 92,000 barrel reduction.
However, secondary sources indicate that Nigeria’s crude oil production for March was slightly higher, at 1.39 million barrels per day, although still representing a decline from February’s figure of 1.43 million barrels per day. Despite this, March saw Nigeria’s lowest crude oil production of the year, falling below the budgeted benchmark of 1.78 million barrels per day.
The decrease in crude oil production translates to reduced revenue from oil sales and diminished foreign exchange earnings for the federal government of Nigeria.
Meanwhile, Saudi Arabia maintained its position as the largest oil producer among OPEC members, with an average daily production of 8.97 million bpd, followed by Iraq with 3.9 million bpd and the United Arab Emirates with 2.91 million bpd.
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