Libya Leads Africa’s Oil Production Chart In October

According to the Organization of Petroleum Exporting Countries’ (“OPEC”) monthly oil market report, Libya ranked first among African oil producers in October of last year with 1.163 million barrels per day (bpd), and its output climbed by 6000 bpd.
The report states that Algeria produced 1.060 million bpd of oil, followed by Angola with 1.067 million bpd, and Nigeria with 1.024 million bpd.
According to the research, Libya has displaced Nigeria, whose average oil production was 1.493 million barrels per day in 2020 and 1.323 million barrels per day in 2021.
Following the downturn in supplies from Saudi Arabia and Angola, OPEC oil production fell by 210,000 bpd in October 2022, falling for the first time in five months, in accordance with the OPEC+ alliance agreement.
According to the data, the total crude production among the 13 OPEC members dropped to 29.494 million bpd in October from 29.704 million bpd the month before.
The OPEC+ coalition said in October that it will cut supplies by 100,000 bpd.
The partnership then unveiled a new strategy at the beginning of the month that would cut oil production by two million bpd starting in early November 2022 and continue until December 2023.

Source: Oriental News Nigeria

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