Richard Ginika Izuora
The monthly oil market report issued by the Organization of Petroleum Exporting Countries “OPEC” said that Libya had topped the list of African oil producers in last October with 1.163 million barrels per day (bpd), while its production increased by 6000 bpd.
According to the report, Libya is followed by Angola: 1.067 million bpd, Algeria with 1.060 million bpd, while Nigeria’s oil production amounted to 1.024 million bpd.
The report, indicated that Libya has taken Nigeria’s place, which is far from its average of 1.493 million bpd in 2020 and 1.323 million bpd in 2021.
OPEC oil production decreased by 210,000 bpd in October 2022 to drop for the first time in 5 months, following the decline in supplies from Saudi Arabia and Angola, according to the OPEC+ alliance agreement.
The report says the total crude production in the 13 member countries of OPEC decreased to 29.494 million bpd last October, compared to 29.704 million bpd in the previous month.
The decline in OPEC oil production comes as a result of the OPEC+ alliance’s announcement to reduce supplies by 100,000 bpd in October, as the alliance announced a new policy, early last month, aimed at reducing oil production by two million bpd at the beginning of November 2022, until December 2023.