A new study from the Organization of Petroleum Exporting Countries (OPEC) said that Libya has surpassed Nigeria as Africa’s biggest oil production, the Nigerian newspaper PM NEWS reported.
Nigeria’s oil output decreased to around 1.23 million barrels per day (bpd) in October, down from roughly 1.25 million bpd the previous month, according to figures presented to OPEC.
Libyan oil output increased to 1.24 million bpd in October, up from 1.16 million bpd in September. But according to OPEC’s secondary sources, Nigeria still pumps more oil than Libya.
Nigeria, though, continues to pump more oil than Libya, according to OPEC’s secondary sources. Nigeria’s production was estimated to be 1.35 million bpd in October, down 45,000 bpd from around 1.40 million bpd in September, according to secondary sources.
Libyan output was estimated to reach 1.164 million bpd, up from 1.149 million bpd in September. Nigeria, whose Oil Minister is President, Muhammadu Buhari, saw the second-largest reduction in output among OPEC members in October, only after Iraq.
According to secondary sources, the country’s production dropped the highest in the month. The sources said that sources, the 13-member oil cartel’s total crude production totaled 27.45 million bpd in October, up 220,000 barrels bpd month over month.
Recently, The Libyan Minister of Oil and Gas, Mohamed Aoun invited his regional counterparts from Europe, North Africa, the Sahel, and the Middle East to attend the Libya Energy and Economy Summit in Tripoli on 22-23 November.
The Libyan Oil Minister’s announcement came during his participation in the African Energy Week in Cape Town, South Africa. Notably, Energy Capital & Power (ECP), the organiser of the summit met with Aoun and his team in Cape Town.