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African giant, Nigeria has lost its position as Africa’s top oil producer to Libya as its crude oil production fell further last month amid lingering supply disruptions, according to a new report by the Organisation of the Petroleum Exporting Countries (OPEC).
According to gathered that Nigeria told OPEC that its oil output fell to about 1.23 million barrels per day in October from about 1.25 million bpd in the previous month, the cartel’s latest report released on Wednesday revealed.
Libya, which overtook Angola as the second-biggest producer on the continent in December last year, have now seen its oil production rise to 1.24 million bpd in October from 1.16 million bpd in September, according to reports made available by OPEC.
OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.
According to secondary sources, Nigeria’s production declined by 45,000 bpd to 1.35 million bpd in October from about 1.40 million bpd in September.
Nigeria recorded the second biggest drop in output in October among its peers in OPEC, after Iraq, based on direct communication. The country’s production fell the most in the month, according to secondary sources.
The 13-member oil cartel said its total crude production averaged 27.45 million bpd in October, higher by 220,000 bpd month-on-month, according to secondary sources.
‘Crude oil output increased mainly in Saudi Arabia, Venezuela, the UAE, and Kuwait, while production in Nigeria, Gabon and Equatorial Guinea declined,’ it said.
It added that ‘However, soft demand from Asian refiners for Atlantic Basin crude amid unfavourable west-to-east arbitrage capped the rise. Crude differentials of Bonny Light, Forcados, and Qua Iboe rose firmly on a monthly average in October by 70¢, $1.06, and 75¢, respectively, to stand at premiums of 10¢/b, 27¢/b, and 4¢/b.’
OPEC said crude differentials of light and medium sweet crude rose in the Mediterranean and West African markets in October on good buying interest from European buyers, strong refining margins, supply disruptions in Libya and Nigeria.
AFRICA TODAY NEWS, NEW YORK