The Organisation of the Petroleum Exporting Countries (OPEC) has announced that Nigeria’s oil production capacity is now lagging behind that of Libya.
According to OPEC data, Nigeria’s oil production in August 2023 rose to 1.18 million barrels per day, up from 1.08 million barrels in July.
This increase allowed Nigeria to move from third place to second place among Africa’s largest crude oil producers, trailing behind Libya.
OPEC’s monthly oil market report attributed Nigeria’s improved output to direct communication for the month of August 2023.
Although Nigeria’s 100,000 barrel increase didn’t surpass Libya’s production, it significantly narrowed the gap between the two nations.
Additionally, OPEC reported that Algeria’s oil production dropped to 939,000 barrels per day, down from 955,000 barrels the previous month.
Similarly, Congo experienced a decline, ending August with 272,000 bpd compared to July’s 282,000 barrels.
In August 2023, the 13 member nations of OPEC produced a combined total of 27.45 million barrels per day. The primary drivers of this production growth were Iran, Nigeria, and Iraq, whereas Saudi Arabia, Angola, and Venezuela experienced declines in their output.
