2024/08/11

Libya tops African oil producers

Libya topped African countries in oil production in 2023, with a daily output of 1.189 million barrels, according to OPEC data. Nigeria followed closely behind in second place, producing 1.187 million barrels per day last year. Angola came in third with a daily production of 1.098 million barrels in 2023

On the sidelines of the spring meetings of the International Monetary Fund and the World Bank, the minister announced that current oil production has reached 1.2 million barrels per day. He added that the country is aiming to increase production to 1.4 million barrels per day by the end of the year.

Regarding revenues, the minister stated that the country achieved $6 billion in oil revenues during the first quarter of 2024. He indicated that the country expects revenues to increase further with higher production, provided that oil prices remain at first-quarter levels.

To achieve this goal, the country has allocated investments worth $17 billion, according to Khalifa Abdul-Saddiq, Acting Minister of Oil and Gas. To maintain production at current levels, a budget of $10 billion has been allocated for the current and next year. These funds will be used to develop existing fields, carry out periodic maintenance, drill more wells, and maintain the necessary infrastructure for the oil sector

An OPEC report released in March indicated that Libya, an OPEC member, increased its oil production by approximately 144,000 barrels per day.