Nigeria no longer leads Africa in oil production as output falls 13.6% to 1.08 million barrels per day. The Organization of the Petroleum Exporting Countries has disclosed the oil production data for each member nation.
According to the most recent estimate, Nigeria has once again lost its position as Africa’s top oil producer as production dropped by 13.6% in July. As a result, Nigeria missed the opportunity to increase its earnings from crude oil sales at a time when the market is recovering.
According to data provided by the Organization of the Petroleum Exporting Countries (OPEC), Nigeria produced 1.08 million barrels of oil per day (mbpd) in July 2023. In comparison to the 1,249 million barrels per day recorded in June 2023, the figure, which is based on direct communication, shows a 13.8% reduction in oil production.
In its monthly report on the oil market for the month of August 2023, OPEC made this disclosure.
As Libya recorded an increase of 1,173 mbpd in July, the drop in Nigeria’s oil output enabled Libya to reach the summit.
After reporting 1.149 mbpd of output in July, up from 1.119 mbpd in the previous month, Angola keeps the second-place spot.