Africa’s oil production landscape is experiencing a shift, according to data from the Organization of the Petroleum Exporting Countries . TheLibya’s crude oil production climbed to 1.236 million barrels per day in March, compared to 1.173 million bpd in February. This increase signifies a notable change in the regional production dynamic. While Nigeria maintained its lead in cumulative production for the period between March 2023 and March 2024, its daily output dipped in March.
With Libya emerging as a major oil producer, the continent’s overall dependence on any single oil-producing nation lessens. Recently,signed a $400 million memorandum of understanding with China National Petroleum Corp , a state-owned oil behemoth, tied to the sale of crude oil from its Agadem oilfield.