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Libya overtook Nigeria in daily oil production in October

Libya, which is under UN Security Council sanctions, has produced 1 million 240 thousand barrels per day, surpassing Nigeria.

According to statistics from the Organization of the Petroleum Exporting Countries, in October 2021, Libya increased oil production to 1 million 240 thousand barrels per day, while Nigeria reduced production to 1 million 230 thousand barrels. Thus, Libya managed to get ahead of Nigeria, named according to the results of September as the largest producer of black gold in Africa.

Recall that the National Oil Corporation of Libya in September announced its intention to support oil exports by increasing production and attracting investors from abroad. The injection of foreign capital into the country's economy will certainly attract international companies and stimulate the resumption of air travel. After the final stabilization of the situation in Libya, the private Ukrainian airline ZetAvia will also be able to deliver cargo to Libyan airports. On its own IL-76 transport aircraft, ZetAvia transports goods all over the world, with the exception of countries under sanctions and embargoes.

Due to a drop in oil demand amid the pandemic, since May 2020, OPEC + has reduced production by 9.7 million barrels per day, and since August 2021 it has increased by 400 thousand barrels per day per month, hoping to withdraw from reduction commitments. Despite the sanctions, Libya earned $ 1.9 billion from oil sales in August this year. In September, production in the country fell by 5,000 barrels per day.

Tags: libya; nigeria; oil production


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