Libya… Fluctuation in oil production leads to the loss of the African ranking and its reduction to third place

A monthly report released by the Organization of the Petroleum Exporting Countries (OPEC) confirmed that Libya’s oil production has returned to fluctuations again as the country’s monthly production fell by about 10,000 bpd.

According to the published monthly report, oil production in Libya stabilized at 1.14 million barrels per day during January.

Libya has dropped from second place in Africa in December and first place last November to third place now.

And Nigeria retained its top spot as its production increased by about 65,000 a day, bringing the total to 1.155 million barrels per day.

The price of Libyan oil rose by 2.8% on a monthly basis, to an average of $81 per barrel.

The combined production of the 13 OPEC member countries fell to 28.876 million bpd during the first month of 2023, compared to 28.926 million bpd in December 2022.

The drop in supply came in line with the OPEC+ alliance’s two-million-bpd oil production cut deal, noting Libya was excluded from the production cut deal while oil production increased in six member countries during the first In the month of 2023, Nigeria, Angola and Kuwait were in the lead, while Algeria’s oil production was stable, while oil supplies to Venezuela and the Congo increased by about 20 and 19 thousand barrels per day, respectively.

Source: Middle Gate