Nigeria is now Africa’s fourth-largest oil producer, according to OPEC figures

Nigeria is the fourth oil-producing nation in Africa, according to the Organization of Petroleum Exporting Countries (OPEC).

Based on secondary sources, OPEC reported that Angola, Algeria, and Libya produced more oil in October than they had in prior months.

This was stated by OPEC in its most recent Monthly Oil Market Report (MOMR), which was released on Monday.

According to the data, Algeria produced 1.060 million barrels per day during the month under review, Angola produced 1.051 million, and Libya produced 1.163 million. Nigeria produced 1.024 million barrels per day of oil.

Nigeria held the title of “largest” oil producer in Africa for a long time before the price of oil recently surpassed $100 per barrel.

Huge oil thefts were caused by the high price of oil, and they continue today despite improvements.

Nigeria increased output in October by 77,000 bpd, as noted in the OPEC report. The roughly 1 million bpd is still somewhat low compared to its average of 1.493 million bpd in 2020, a COVID year, and 1.323 million in 2021.

However, Angola lost 40,000 bpd, Libya gained 6,000 bpd, while Algeria only gained a meager 2,000 bpd (secondary source).