The production of African countries from oil during the past month, amid noticeable fluctuations in global crude prices, which amounted to the highest levels in 5 months before they declined in the second half of the month.
The most prominent oil producing countries in Africa during January
According to the report of the Organization of Petroleum Exporting Countries (OPEC), the production of the countries of the continent with the oil continent in January was as follows:
- Nigeria retained its version as the largest oil producer on the continent, despite its production of 29 thousand barrels per day compared to December 2024, to reach 1.5 million barrels per day.
- Libya came in the second central with a production of 1.27 million barrels per day, recording a rise of 17 thousand barrels per day.
- Algeria ranked third with the production of 895 thousand barrels per day, with a slight decrease of 8 thousand barrels per day.
- As for the Republics of the Congo and Gabon, they ranked fourth and fifth in a row, where they recorded a production of 260 and 236 thousand barrels per day, respectively, with a slight increase of one thousand barrels per day each.
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Factors affecting the oil market
According to the OPEC report, the markets witnessed great fluctuations as a result of geopolitical variables, most notably the new US sanctions, especially on Iran, which raised concerns about global oil supplies, which prompted prices to rise during the first half of January.
With the stability of supplies and indications of the market to absorb the implications of sanctions, prices have gradually declined.
Besides, expectations for 2025 indicate a strong growth in global oil demand by 1.4 million barrels per day compared to the previous year, which reflects the continued need for oil despite the transformations towards alternative energy sources.
Future challenges and expectations
Oil -producing African countries face different challenges, including political and economic factors and fluctuations in global demand, and this contrast is expected to continue in production during the year, especially in light of the continued geopolitical tensions and its impact on supply and demand.
