Libya, Angola Ahead Nigeria In Africa’s Biggest Oil Producer

Angola and Libya have overtaken Nigeria as the biggest crude oil producers in the African continent.

The Organisation of the Petroleum Exporting Countries (OPEC) disclosed this in its Oil Market Report for September 2022.

The report revealed that Nigeria’s crude oil production for August averaged 1.100 million barrels per day which was 65,000mb/d lower than the 1.164mb/d produced averagely in July.

While Angola was Africa’s highest crude oil producer for the month under review with an average production of 1.187mb/d.

Libya’s crude oil production averaged also 1.123mb/d for the period.

Total OPEC-13 crude oil production averaged 29.65 mb/d in August, higher by 618,000 month-on-month.

“Crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined.”

Nigeria’s real Gross Domestic Product (GDP) rose by 3.5 percent year-on-year this year following growth of 3.1 percent in the first quarter of 2022.