Libya has become Africa’s top crude oil producer as Nigeria’s output fell by 6.8% to 1.23 million barrels per day in March 2024, down from 1.32 million bpd in February 2024.
Conversely, Libya’s oil output increased by 5.4% to 1.236 million bpd in March 2024, up from 1.173 million bpd in February 2024, according to the Organisation of Petroleum Exporting Countries (OPEC).
OPEC, a permanent intergovernmental organization comprising 12 oil-exporting developing nations that coordinates petroleum policies, disclosed this information in its April 2024 Monthly Oil Market Report (MOMR) obtained by Vanguard. The report stated that the output data was based on official sources in Nigeria.
Based on secondary sources, OPEC noted that Nigeria remained the continent’s leading oil producer with 1.398 million bpd, while Libya followed with 1.161 million bpd during the period.
However, OPEC stated, “According to secondary sources, total OPEC-12 crude oil production averaged 26.60 mb/d in March 2024.”
“According to secondary sources, total OPEC-12 crude oil production averaged 26.60 mb/d in March 2024, up by 3 tb/d month-over-month. Crude oil output rose mainly in Iran, Saudi Arabia, Gabon, and Kuwait, while it declined in Nigeria, Iraq, and Venezuela.”
Meanwhile, the Federal Government has raised concerns about the industry’s ability to meet domestic crude needs for local refineries, emphasizing that supplying local refineries should remain a priority.
Speaking at a meeting to review domestic crude oil supply obligations as outlined in Section 109(2) of the Petroleum Industry Act (PIA) 2021, Nigerian Upstream Petroleum Regulatory Commission’s Chief Executive, Engr. Gbenga Komolafe, stressed the importance of prioritizing crude supply to local refineries.
Komolafe emphasized the government’s overall goal of transforming Nigeria into a net exporter of refined petroleum products.
“Producers must fulfill their domestic crude oil supply obligations to domestic refineries to reverse the current trend. We aim to develop our midstream sector and become a net exporter of petroleum products, particularly as we transition away from the subsidy regime. To achieve this, we must enhance our domestic refining capacity.”
