Libya has overtaken Nigeria to become Africa’s top oil producer, with Nigeria’s output dropping to 1.23 million barrels per day.
Libya has surpassed Nigeria as Africa’s top crude oil producer, with Nigeria’s output decreasing by 6.8% to 1.23 million barrels per day in March 2024, according to OPEC’s Monthly Oil Market Report for April 2024. Despite retaining its leadership position on the continent, Nigeria’s output was lower than Libya’s 1.236 million barrels per day. Oil theft and pipeline vandalism have hindered Nigeria’s production, resulting in it falling below OPEC’s approved volume. The Nigerian National Petroleum Company Limited recorded numerous incidents of oil theft and vandalism, emphasizing the challenges faced by the industry. The government remains committed to prioritizing crude supply to local refineries to enhance domestic refining capacity and reduce reliance on imports.
