Libya second in Africa for oil output
LIBYA – Libya ranked second among Africa’s five largest oil producers in September, with output of 1.39 million barrels per day, according to an economic report published by the Nigerian English-language website Business Insider Africa.
Behind Nigeria and ahead of Algeria
The report, which was followed and summarised by Al-Marsad, said Nigeria topped the ranking, followed by Libya, then Algeria, the Republic of the Congo and Gabon.
Global demand and stability as key factors
It said Africa’s major crude producers have an opportunity to benefit from higher oil prices as global demand remains strong and buyers seek to increase supplies.
It added that rising prices could boost producing countries’ revenues, while production growth remains dependent on stable operations, infrastructure development and investment.
