A new report by the Organization of the Petroleum Exporting Countries (OPEC) has started that Nigeria has lost its spot as Africa’s top oil producer status to Libya as its crude oil production fell further last month.
The report, released on Wednesday revealed that Nigeria’s oil output fell to about 1.23 million barrels per day in October from about 1.25 million BPD in the previous month.
Libya, which overtook Angola as the second-highest producer on the continent in December last year, saw its oil production rise to 1.24 million bpd in October from 1.16 million bpd in September.
Nigeria recorded the second-highest drop in output in October among its peers in OPEC after Iraq who’s production fell the most in the month.
OPEC said its total crude production averaged 27.45 million bpd in October, higher by 220,000 bpd month-on-month,
“Crude oil output increased mainly in Saudi Arabia, Venezuela, the UAE, and Kuwait, while production in Nigeria, Gabon and Equatorial Guinea declined,” it said.
“Crude differentials of light and medium sweet crude rose in the Mediterranean and West African markets in October on good buying interest from European buyers, strong refining margins, supply disruptions in Libya and Nigeria.
“However, soft demand from Asian refiners for Atlantic Basin crude amid unfavourable west-to-east arbitrage capped the rise.
“Crude differentials of Bonny Light, Forcados, and Qua Iboe rose firmly on a monthly average in October by 70¢, $1.06, and 75¢, respectively, to stand at premiums of 10¢/b, 27¢/b, and 4¢/b.”