Currently, crisis-rocked Libya has ousted Nigeria as Africa’s leader in terms of crude oil production and reserves. As of 2016, when the current administration settled into office, oil reserves were about 37.4 billion barrels but it has fallen to 36.9 billion barrels. Daily production, which almost hit two million barrels, now hovers at 1.2 million. Although hostility by Niger Delta militants against oil production was previously the main challenge against oil production, there has been relative peace in the region. Likewise, the set target of 40 billion barrels reserves may be a pipe dream due to paucity of the right level of investments.

Source: The Guardian November 22, 2021 08:08 UTC