Data released by the Organization of Petroleum Exporting Countries (OPEC) indicates that Libya surpassed Nigeria to become the leading producer of crude oil in Africa in the month of March.
The oil cartel reported in its April 2024 Monthly Oil Market Report (MOMR) that Libya produced 1.24 million barrels of crude oil per day (bpd) in March, up 5.7 from 1.17 million bpd in February.
Nigeria did, however, record a lower output in March—1.23 million barrels per day—than in February—at 1.32 million. The country’s production rate was at its lowest point since July 2023, according to the April output statistics.
The decline of about 91,000 barrels per day, as reported in direct communications from OPEC, highlights the challenges the Nigerian oil industry faces, including inadequate infrastructure, security breaches in oil-producing regions, and operational glitches.
According to experts, one of President Bola Tinubu’s greatest problems has been widespread oil theft from wells and pipelines, which has hurt government finances and reduced the nation’s productivity and exports.
“We aren’t curbing oil theft, nor are we taking or making quick wins at our Wells that need to be boosted or optimised,” said Jide Pratt, country manager at Trade Grid and an energy analyst.
This revelation comes as the Nigerian National Petroleum Company Limited (NNPC Ltd) last month asked the Economic and Financial Crimes Commission (EFCC) to help out in combating the threat of crude oil theft in the nation.
Speaking about NNPC Ltd’s efforts to combat corruption within its organization and stop pipeline vandalism and oil theft, group chief executive officer Mele Kyari argued that, given the amount of oil stolen on a daily basis and the smugness of those who commit it, oil theft is the most massive and vicious economic crime in Nigeria that needs to be investigated by the EFCC.
