The war in Ukraine has been a real boon for the hydrocarbon-dependent Algerian economy. Since the beginning of this war, Algeria has considerably increased its oil production following OPEC's decisions. From being the fourth largest oil producer in Africa, Algeria has risen to third place in terms of oil producers for the month of November.
According to the monthly report of the Organisation of Petroleum Exporting Countries (OPEC), Algeria's oil production amounted to 1 million and 60,000 barrels per day for the current month. It is narrowly surpassed by two major African producers. However, for the first time in a long time, Algeria has surpassed Nigeria, which is a giant of African oil production.
In this OPEC ranking, Libya comes first, with an output of 1 million and 163,000 barrels per day. It is followed by Angola with 1 million and 67,000 barrels. Nigeria, a regular on the podium, came fourth with oil production of 1 million and 24,000 barrels per day in November.
In addition, the Organisation of Arab Petroleum Exporting Countries (OAPEC) also reveals that Algeria was ranked first in the Mena region in terms of new oil and gas discoveries during the first eight months of 2022. The report of this organisation indicates that Algeria has recorded, since the beginning of this year until the end of August, seven new discoveries, including four oil discoveries and three gas discoveries.
Algeria is followed by the United Arab Emirates, which recorded five new discoveries between January and August 2022 (3 oil, 2 gas). Saudi Arabia comes third with five gas discoveries, and Egypt fourth with two discoveries (one for oil and one for gas). Syria closes the top 5 with one gas discovery.