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Libya Surges Ahead as Africa’s Leading Oil Producer in March

Libya has emerged as Africa’s leading oil producer, with an output of 1.24 million barrels per day (bpd) in March 2024. This is a 5.4% increase over the country’s production of 1.17 million bpd in February.

According to OPEC’s April 2024 Monthly Oil Market Report, Nigeria lost its top place after reporting a reduction of about 91,000 bpd from 1.32 million bpd in February to 1.23 million bpd in March, representing a 6.8% fall in output.

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.

The production increase is consistent with Libya’s effort to expand production to two million bpd by 2030, with the National Oil Corporation (NOC) aiming for 2.3 million bpd by the end of the year.

Strategies to bolster output by the NOC include an oil and gas licensing round in 2024, production resuming at the El Sharara oilfield in July 2023, and both existing and potential exploration and production players being invited to the country to explore for hydrocarbons.

Source: Energy Ghana