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Libya Overtakes Nigeria as Continent's Top Crude Oil Producing State

17:20, 12 April 2024

Rasina Musallimova

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Libya is known for its significant oil reserves and production. The country has the largest proven oil reserves in Africa, according to Statista, and is a member of the Organization of the Petroleum Exporting Countries (OPEC).

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Libya overtook Nigeria as the continent's top crude oil producing state.

Nigeria's output fell 6.8% to 1.23 million bpd in March 2024 from 1.32 bpd in February 2024, according to the latest OPEC report.

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Meanwhile, oil production in Libya increased by 5.4% to 1.236 million barrels per day in March 2024 from 1.173 million barrels per day in February 2024.

Despite a decrease in Nigeria's crude oil production, the country is making progress in the oil refining sector, with Dangote refinery starting to sell petroleum products to domestic market in April.