Top 5 largest oil producers in Africa… see Nigeria’s position

 Top 5 largest oil producers in Africa… see Nigeria’s position

Nigeria remains the top oil producer in Africa, as per the latest report from the Organisation of the Petroleum Exporting Countries (OPEC).

In October 2023, Nigeria’s daily oil output rose to 1.351 million barrels, up from 1.347 million in the previous month. 

The report notes that Nigeria also led in September 2023 with an output of 1.347 million barrels, surpassing Libya and Angola. OPEC, relying on direct communication for its data, highlights sustained momentum in Nigeria’s oil production in October, despite decreases in output from Libya, Saudi Arabia, and Kuwait. 

The overall OPEC-13 crude oil production for October 2023 averaged 27.90 million barrels per day, showing an increase mainly attributed to Angola, Iran, and Nigeria.

1. Nigeria

Nigeria has retained its position as the largest oil producer in Africa, according to OPEC’s latest monthly report on Monday.

In October 2023, Nigeria’s oil output increased to 1.351 million barrels per day (bpd) from the previous month’s 1.347 million bpd.

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The report notes that in September 2023, Nigeria’s oil output was also the largest in Africa, surpassing Libya and Angola at 1.347 million bpd.

2. Algeria

Algeria produced approximately 1.3 million barrels of oil per day in 2019, maintaining its position among the top African oil producers.

OPEC production cuts and a lack of foreign investment contributed to the decline in Algeria’s oil output since 2005.

 The state-owned company, Entreprise Nationale Sonatrach, dominates the oil industry in Algeria.

3. Libya

 Libya produced almost 1.2 million barrels of oil per day in 2019, experiencing a remarkable increase of over 100% since 2016.

This increase was primarily due to a temporary reduction in armed conflict within the country.

Unfortunately, production fell dramatically in early 2020 as the civil war in Libya intensified, leading to an uncertain future for oil production.

4. Angola

Angola produced over 1.4 million barrels of oil per day in 2019, continuing a trend of declining production.

The decline was partly due to a cut agreed upon as an OPEC member, and the development of oil resources could be delayed by lower oil prices in 2020.

The state-owned company, Sonangol, historically oversaw oil and gas development, but efforts were made to establish a new independent regulatory organization called ANHB.

5. Egypt 

Egypt produced about 630,000 barrels of oil per day in 2019, with output remaining remarkably steady.

The country is the largest oil producer in Africa that is not a member of OPEC, and pro-market reforms reduced subsidies for the oil industry.

The state-owned company, Egyptian General Petroleum Corporation (EGPC), historically dominated oil production, partnering with international oil companies.

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