Nigeria has ousted Libya, and Angola to regain its position as Africa’s top crude oil producer for October.
The Organization of Petroleum Exporting Countries (OPEC) disclosed this in its monthly oil market report released on Monday.
The oil production figures aside from condensate production from the top four oil producers in Africa were stated below:
· Nigeria – 1.35 million barrels per day
· Libya – 1.18 million barrels per day
· Angola – 1.14 million barrels per day
· Algeria – 961,000 barrels per day
According to secondary sources, total OPEC-13 crude oil production averaged 27.90 million barrels per day in October, higher by 80 thousand barrels per day month-on-month.
Crude oil output increased mainly in Angola, Iran, and Nigeria, while production in Libya, Saudi Arabia, and Kuwait decreased.
In the latest OPEC report, the world’s forecast for oil demand growth in 2023 has seen a slight increase and currently stands at 2.5 million barrels per day.
Despite robust market fundamentals, the report highlights a recent decline in oil prices.
This downward trend is primarily attributed to significant reductions in net long positions by financial market speculators throughout October.
Also, the OPEC report shed light on Nigeria’s escalating inflationary pressure, primarily stemming from the removal of petrol subsidies and the devaluation of the naira.
This resulted in a notable acceleration in inflation with the rate spiking to 26.7 percent in September, up from 25.8 percent in August.
According to the report, the demand for OPEC crude in 2023 was steady at 29.1 million barrels per day, a modest increase of 0.6 mb/d compared to 2022.