Yemisi Izuora
The Organisation of the Petroleum Exporting Countries (OPEC), has said that Nigeria is now trailing behind Libya in oil production capacity.
According to OPEC data, Nigeria’s oil production in August 2023 rose to 1.18 million barrels per day (bpd), 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.
The 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 bpd, 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.
The 13 OPEC member countries collectively produced 27.45 million bpd in August 2023. Iran, Nigeria, and Iraq were the major contributors to this production increase, while Saudi Arabia, Angola, and Venezuela saw decreases in their output.