The Organisation of Petroleum Exporting Countries (OPEC) has placed Nigeria as the fourth oil producing country in Africa.
Like in previous months, OPEC revealed that Angola, Algeria and Libya produced more oil in October based on secondary source.
OPEC revealed this in its latest Monthly Oil Market Report (MOMR) published on Monday.
The report shows that in the month under review, Algeria drilled 1.060 million barrels per day, Angola produced 1.051 million bpd, Libya’s output was 1.163 million. Nigeria’s oil production stood at 1.024 million bpd.
Nigeria, for many years, stood tall as Africa’s ‘biggest’ oil producer until recently when the international price for oil crossed over $100 per barrel.
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The high oil price triggered a huge oil theft, which has remained despite an improvement.
As stated in the OPEC report, Nigeria added 77,000 bpd in October. Still, the roughly 1 million bpd remains a far cry from its average of 1.493 million bpd in 2020, a covid year, and 1.323 million in 2021.
On the other hand, Algeria gained a paltry 2,000 bpd, Angola lost 40,000 bpd and Libya gained 6,000bpd (secondary source).
Source: Ripples Nigeria