Oil, nicknamed "black gold," remains a strategic resource at the heart of the global economy, fuelling the transport, industrial and petrochemical sectors. In 2024, global crude oil production stands at around 82.9 million barrels per day (Mb/d), according to data from the U.S. Energy Information Administration (EIA) and other sources such as the Energy Institute. This production is dominated by a small number of countries, both globally and in Africa, which are adapting their energy strategies in response to climatic, geopolitical and economic challenges.
The world leaders in oil production
1. United States: The shale champion
In 2024, the United States will maintain its position as the world's leading producer with approximately 19.4 Mb/d, representing nearly 23% of global production, according to ArabiaWeather. This dominance, which began in 2017, is based on the intensive exploitation of shale oil, particularly in the Permian Basin in Texas. Despite a slight decline of 783,000 b/d compared to 2022, technological advances such as hydraulic fracturing and horizontal drilling enable the United States to remain a key player, producing four times more than some of its competitors.
The United States is taking a dual approach, combining robust oil production with growing investment in renewable energies (21% of energy consumption in 2020, according to the EIA). However, shale exploitation remains controversial due to its environmental impact, with methane emissions equivalent to 46 million tonnes of CO2 per year in some regions, such as the Barnett Basin in 2015.
2. Saudi Arabia: The guardian of prices
With production of around 10.7 million barrels per day in 2024 (ArabiaWeather), Saudi Arabia retains its position as the world's second largest producer and leader of OPEC+. Its excess production capacity allows it to influence global prices, as evidenced by its decision to increase production by 411,000 b/d in May 2024 to meet demand (IFPEN).
Through its Vision 2030 plan, Saudi Arabia is seeking to reduce its dependence on oil (30% of GDP) by investing in renewable energies, green hydrogen and tourism. However, oil remains central, with projects aimed at maintaining stable production until 2030.
3. Russia: Resilience in the face of pressure
Russia will produce around 10.9 Mb/d in 2024, according to ArabiaWeather, despite sanctions related to the war in Ukraine. It has redirected its exports to Asia, particularly China and India, to compensate for the loss of European markets, while maintaining stable production.
Russia is focusing on expanding its gas sector, with a target of 293 billion cubic metres of exports by 2030, and is exploring reserves in the Arctic. However, sanctions are limiting access to modern technologies, slowing down the development of new fields.
4. Other major players
- Canada (5.8 Mb/day): A leader in oil sands exploitation, Canada exports mainly to the United States. It invests in technologies to reduce emissions related to extraction.
- Irak (4.3 Mb/d): Despite geopolitical instability, Iraq is increasing its production thanks to foreign investment, but remains vulnerable to internal conflicts.
- China (4.3 Mb/d): As the world's second largest importer, China maintains stable production, but its dependence on imports (14% of the world total) is growing.
African leaders: Strategic but fragile production
In 2024, Africa produced approximately 6 Mb/d, or 6% of global production, dominated by four countries accounting for more than 76% of the continent's production.
1. Libya: The new African leader
In 2024, Libya was Africa's leading producer with 1.24 million barrels per day, overtaking Nigeria in March, according to OPEC. This increase of 5.7% compared to February 2024 is based on relative political stabilisation and colossal reserves of 50 billion barrels, the largest on the continent.
Libya is modernising its oil infrastructure and strengthening its international partnerships to maximise the exploitation of its reserves, while remaining vulnerable to political instability.
2. Nigeria: A giant in trouble
With 1.409 million barrels per day in 2024, Nigeria retains a key position, but its production is hampered by oil theft (up to 600,000 barrels per day) and outdated infrastructure. Efforts to secure oil pipelines have led to a slight increase compared to 2023 (1.307 million barrels per day).
Nigeria is relying on the Petroleum Industry Act (2021) to attract investment and improve governance. It is also exploring natural gas and benefiting from international support, such as €20 million from Germany for the energy transition.
3. Angola: Post-OPEC stability
Angola will produce approximately 1.105 million barrels per day in 2024, after leaving OPEC in 2023 to escape restrictive quotas. Its reserves, estimated at 7.78 billion barrels, are mainly exported to China (55%).
Angola is investing in offshore oil and gas with major companies such as TotalEnergies and Chevron, while also developing natural gas through projects such as the Angola LNG plant, in order to diversify its economy.
4. Algeria: A declining player
Algeria will produce 0.977 million barrels per day in 2024, down from 1.41 million barrels per day in 2023, due to the ageing of fields such as Hassi Messaoud (Le360 Afrique). It remains a key supplier to Europe thanks to its geographical proximity.
Sonatrach is investing in the exploration of new deposits and the development of natural gas, with tenders extended until July 2025 to attract foreign investors.
5. Other producers
- Egypt (0.57 Mb/d): Down 15% from 2023, Egypt maintains stable production thanks to partnerships with BP and Eni.
- Congo, Gabon : With production levels between 0.2 and 0.6 Mb/d, these countries are relying on foreign investment to optimise their reserves.
Evolution of energy strategies
Global production increased by 1.36% in 2024 compared to 2023 (ArabiaWeather), driven by the United States and the Gulf countries. However, discoveries of new reserves are at their lowest level in decades, representing only 16% of annual consumption in 2019. The energy transition, accelerated by commitments such as those made at COP28, is pushing producers to invest in renewables and hydrogen, although oil remains essential in the short term.
In Africa, challenges include political instability (Libya, Nigeria), lack of investment and pressure for energy transition. Nigeria and Angola are seeking to diversify their economies through gas, while Algeria is capitalising on its strategic position for European exports.
Major global and African producers are adopting hybrid approaches: maximising oil revenues while preparing for the energy future. OPEC+, which accounts for around 35% of global production in 2021, is losing influence in the face of rising non-OPEC producers such as the United States. In Africa, the 107 billion barrels of reserves (Libya, Nigeria, Algeria, Angola) offer untapped potential, but massive investment and increased stability are needed to compete on the global stage.
In 2024, the United States, Saudi Arabia and Russia dominate the global oil market, while Libya, Nigeria, Angola and Algeria lead in Africa. These countries are adapting their strategies to balance oil production with the energy transition, facing challenges such as sanctions, instability and climate pressure. Their ability to innovate and diversify will determine their influence in a rapidly changing market.