OPEC data shows Nigeria now 4th oil producing country in Africa

The Organisation of Petroleum Exporting Countries (OPEC) has placed Nigeria as the fourth oil producing country in Africa.

Like in previous months, OPEC revealed that Angola, Algeria and Libya produced more oil in October based on secondary source.

OPEC revealed this in its latest Monthly Oil Market Report (MOMR) published on Monday.

The report shows that in the month under review, Algeria drilled 1.060 million barrels per day, Angola produced 1.051 million bpd, Libya’s output was 1.163 million. Nigeria’s oil production stood at 1.024 million bpd.

Nigeria, for many years, stood tall as Africa’s ‘biggest’ oil producer until recently when the international price for oil crossed over $100 per barrel.

Read also:Crude oil price jumps in response to OPEC+ two million output cut

The high oil price triggered a huge oil theft, which has remained despite an improvement.

As stated in the OPEC report, Nigeria added 77,000 bpd in October. Still, the roughly 1 million bpd remains a far cry from its average of 1.493 million bpd in 2020, a covid year, and 1.323 million in 2021.

On the other hand, Algeria gained a paltry 2,000 bpd, Angola lost 40,000 bpd and Libya gained 6,000bpd (secondary source).

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now