Nigeria Second In Africa In Terms Of Oil Production To Libya

NIGERIA has lost its position as Africa's top oil production to Libya, which would produce an average of 1.236 million barrels per day—a difference of 5,000 barrels—as of March 2024.

OPEC's latest monthly oil market report for March shows that Nigeria's crude oil production fell to 1.23 million barrels per day.

In February 2024, the daily production was 1.32 million barrels; this represents a 92,000 barrel decrease.

However, secondary sources report that the nation produced 1.39 million barrels of crude oil per day in March, down 38,000 barrels per day from 1.43 million barrels per day.

The nation produced less crude oil in March than it had all year, falling short of the target set by the 2024 budget, which called for 1.78 million barrels per day of output.

The federal government will receive less foreign exchange as a result of the decline in crude oil production as well as lesser revenue from oil sales.

The study states that Saudi Arabia continued to lead the group of OPEC members in oil production, averaging 8.97 million barrels per day—a decrease of 39,000 barrels—with 3.9 million barrels and 2.91 million barrels per day coming from Iraq and the United Arab Emirates, respectively.

The OPEC Reference Basket (ORB) increased in value by $2.99, or 3.7%, month over month in March, to average $84.22 per barrel. In a similar vein, the price of oil futures increased.