Crude oil exports are the main source of income for many African countries. according to a report by the German portal, statista, Africa's proven crude oil reserves in 2021 amounted to 125.3 billion barrels. The largest reserves are in Libya, Nigeria, Algeria, Angola, Sudan, Egypt, Congo Brazzaville, Uganda, Gabon and Chad.
Africa's largest crude oil reserves?
Having abundant crude oil reserves is one thing, being able to extract and exploit them is another. Therefore, it is interesting to see if the countries with the largest crude oil reserves are also those that produce the most.
For the year 2021 (statista figures), Libya is the country with the largest proven crude oil reserves on the African continent with 48.4 billion barrels. in second place is Nigeria with 36.9 billion barrels. Algeria comes in third, but far behind the top two, with 12.2 billion barrels. The fourth position goes to Angola with 7.8 billion barrels. The other countries in the top 10 are Sudan, Egypt, Congo Brazzaville, Uganda, Gabon and Chad, with 5, 3.3, 2.9, 2.5, 2 and 1.5 billion barrels respectively.
Top 10 African oil producing countries
In addition, here is the list of the ten African countries that produced the most crude oil in 2021. The figures shown are based on data provided by both the Organization of Petroleum Exporting Countries (OPEC) and other reliable databases.
- Nigeria the West African country was the largest producer of crude oil. Its average daily production in 2021 was 1.27 million barrels.
- Libya first reserve in Africa, Libya is the second largest oil producing country. In 2021, it produced an average of 1.21 million barrels of crude per day.
- Angola The oil-rich country produced a daily average of 1.11 million barrels of crude oil.
- Algeria The country produced an average of 959,000 barrels of crude oil per day. This puts it in 4th place in the world.e position among black gold producing countries in Africa.
- Egypt Egypt produced 559,000 barrels per day.
- Congo the country's production in 2021 amounted to a daily average of 253,000 barrels.
- Gabon Gabon's production averaged 188,000 barrels per day.
- Ghana the West African country's daily crude oil production is expected to reach 176,000 barrels in 2021.
- Equatorial Guinea The average daily production of this country was 71,000 barrels.
- Tchad Its production was 70,000 barrels per day.
Thus, the countries with the largest reserves of black gold are also in the top 10 of African oil producing countries. However, there are some exceptions. For example, Sudan, the 5th largest reserve (5 billion barrels), does not appear in the top 10. On the other hand, Ghana and Equatorial Guinea, which do not appear in the list of the largest reserves, are among the largest oil producing countries in Africa.
Finally, note that the price of oil continues to rise. For Friday, May 4, 2022, the barrel sold for about $110.