Nigeria’s Oil Production Declines in March, Libya Overtakes as Top Producer in Africa: OPEC Report

Nigeria’s crude oil production has experienced its second consecutive drop this year, with a decline from 1.32 million barrels per day (bpd) in February to 1.23 million bpd in March, according to data from the Organisation of Petroleum Exporting Countries (OPEC).

This 92,000 bpd reduction brings the total loss for the two months to approximately 196,000 barrels per day.

The recent decline in Nigeria’s oil production has positioned Libya as Africa’s top oil producer within OPEC, with Libya producing about 1.24 million bpd in March.

Despite the drop in production, Nigeria’s oil rig count has seen an increase, rising by three in March to reach a total of 19.

This is up from February’s count of 16.

The report from OPEC highlights the challenges Nigeria is facing in maintaining stable oil production levels.

The decline in oil production could have significant implications for the country’s economy, which heavily relies on oil exports for revenue.

As Nigeria grapples with these production challenges, the government and oil industry stakeholders will need to address the underlying issues to stabilize production and maintain competitiveness in the global oil market.