According to the April 2024 Monthly Oil Market Report (MOMR) from the Organization of Petroleum Exporting Countries (OPEC), Libya emerged as the leading African crude oil producer in March, surpassing Nigeria.
The data revealed that Libya produced 1.236 million barrels per day (bpd) of crude, up from 1.173 million bpd in February.
On the other hand, Nigeria recorded a production output of 1.23 million bpd in March 2024, compared to 1.32 million bpd in February.
Despite a 6.8% decrease in output, Nigeria remained the continent’s top producer with 1.398 million bpd, while Libya produced 1.161 million bpd during the same period.
The report cited a surge in pipeline vandalism and crude oil theft incidents in Nigeria’s oil-producing region as factors contributing to the decline in production.
These incidents have led to a slowdown in business activity, subdued consumer spending, and increased input-cost inflation, resulting in lower employment levels compared to the previous year.
In a significant development, the Dangote oil refinery in Nigeria has commenced supplying petroleum products to the local market, marking a milestone in the country’s quest for energy self-sufficiency.
Devakumar Edwin, an executive at Dangote Group, confirmed the arrival of diesel and jet fuel shipments in the local market.
Abubakar Maigandi, head of the Independent Petroleum Marketers Association of Nigeria, announced that local oil marketers had reached an agreement on diesel pricing at 1,225 naira ($0.96) per litre following a bulk purchase deal.
Maigandi stated that the association’s members oversee approximately 150,000 retail stations across Nigeria.
