Libya Overtakes Nigeria as Africa's Top Oil Producer
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According to a report by the Organisation of Petroleum Exporting Countries (OPEC), Libya produced 1.24 million barrels of crude oil in March 2024, surpassing Nigeria's production of 1.23 million barrels. This marks the first time Libya has overtaken Nigeria as the top oil producer in Africa. Nigeria's oil production in March represented the lowest rate since July 2023. The decline in production is attributed to limited infrastructure, breaches in oil-producing areas, operational challenges, and oil theft in the Niger Delta region. Experts say that Nigeria's Forex earnings largely depend on increased oil output, especially as crude oil prices approach $100 per barrel in the international market. The shift in oil production rankings highlights the challenges faced by Nigeria's oil sector and the need for increased security and infrastructure development.

#OilProduction #Libya #Nigeria #Opec #CrudeOil

https://www.legit.ng/business-economy/energy/1587448-another-african-country-overtakes-nigeria-top-oil-producer/