Nigeria loses N68 billion per day as oil production declines, Libya is closing in on the top spot

Due to Nigeria’s struggles, Libya could overtake Nigeria as Africa’s top oil producer.

According to the Monthly Oil Market Report (the “MOMR”) from the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s production fell again in February, while Libya increased its production by 56 percent to take advantage of the Russia-Ukraine conflict.

Nigeria’s oil production fell to an average of 1.417 million barrels per day in February 2022, according to secondary sources.

When compared to the 1.427 million barrels per day produced on average in January 2021, this indicated a decrease of 10,000 barrels per day.

Nigeria’s oil production drops while on direct communication.
With the average price of oil at $97.13, Nigeria is expected to pump 1.7 million barrels per day in February, bringing in a total of $165.1 million (N68.6 billion) per day.

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Libya, on the other hand, increased its oil revenue by pumping 1.220 million barrels per day in January 2022, up from 1.075 million in January 2021.

“According to secondary sources, total OPEC-13 crude oil production averaged 28.47 mb/d in February 2022, up 0.44 mb/d month over month.” Saudi Arabia and Libya saw an increase in crude oil production, while Nigeria and Equatorial Guinea saw a decrease.”

However, there was a ray of hope in the report, which revealed that Nigeria’s rig count increased by two, bringing the total number of rigs in the country to eight, indicating improved consumer confidence.

From 1.399 million barrels per month in January 2022 to 1.258 million barrels per month in February 2022.