Africa relies on immense oil deposits, which for decades have been a fundamental pillar of its economy. With billions of barrels buried underground and at sea, black gold remains one of the continent's biggest revenue generators. Yet behind this wealth lie striking disparities, with some nations heavily dependent on hydrocarbons and others, like Morocco, with virtually non-existent reserves.
In several African countries, oil is much more than a resource: it is the foundation of fiscal stability and a strategic lever on the international stage. It accounts for the bulk of export revenues and public income, playing a crucial role in the development of infrastructure, employment and economic growth.
However, this oil windfall comes with major challenges. Price volatility, fluctuations in global demand and over-reliance on exports are creating permanent economic instability. At the same time, the global energy transition is encouraging African countries to diversify their economies and invest in more sustainable energy sources.
While Libya dominates the continent with the largest proven reserves (48.36 billion barrels, ranked 9th in the world), Morocco is at the opposite end of the spectrum. With just 684,000 barrels, the Cherifian kingdom has the smallest oil reserves in Africa, ranking 94th in the world. Behind it, Ethiopia (428,000 barrels, 95th) and South Africa (15 million barrels, 83rd) also have limited resources.
The ranking of the ten African countries with the lowest proven reserves in 2025 clearly illustrates these disparities:
| Rank | Country | Proven reserves | World ranking |
|---|---|---|---|
| 1 | Morocco | 684,000 barrels | 94th |
| 2 | Ethiopia | 428 000 barrels | 95th |
| 3 | South Africa | 15,000,000 barrels | 83e |
| 4 | Benin | 8,000,000 barrels | 90e |
| 5 | Mauritania | 20,000,000 barrels | 80e |
| 6 | Niger | 150,000,000 barrels | 58e |
| 7 | GROUND FLOOR | 180,000,000 barrels | 55e |
| 8 | Cameroon | 200,000,000 barrels | 52e |
| 9 | Tunisia | 425,000,000 barrels | 47e |
| 10 | Ghana | 660,000,000 barrels | 40e |
Despite the challenges of the energy transition and market volatility, African oil is still very attractive. Exploration is continuing and new offshore blocks are being evaluated, notably in Angola, Nigeria and Senegal. While oil-rich countries are seeking to optimise their resources, nations with more limited reserves are focusing more on renewable energies and economic diversification.
So even as the world gradually turns to greener alternatives, African oil remains a strategic pillar that continues to shape the continent's economic future.