A recent report issued by Business Insider Africa, based on OPEC data, showed that Libya achieved an increase in oil production during April, ranking second after Nigeria, which recorded the highest oil production in Africa.
The report indicated that most of the African member countries of OPEC witnessed a decline in the amount of oil produced, except for Libya, Algeria, and Congo.
According to the report, the value of the OPEC Reference Basket (ORB) rose by $4.90, or 5.8%, monthly, reaching an average of $89.12 per barrel.
Moreover, average oil futures prices rose in April, with the Brent contracts rising by $4.33, or 5.1%, to reach $89.00 per barrel.
In addition, the report pointed out that crude oil futures prices jumped by 5% compared to the previous month, due to an increase in the risk premium due to geopolitical concerns.
