The Organisation of the Petroleum Exporting Countries has just published its monthly report on the oil market.
As expected, some countries recorded growth compared to the previous month, while others were unfortunately in deficit. Crude oil production increased mainly in Nigeria and Iraq, while production in Saudi Arabia and Angola decreased.
According to the organisation; The OPEC Monthly Oil Market Report (MOMR) covers the surface data and nuances affecting the global oil market and provides an overview of market developments.
In this report, there are also comparisons of many oil players around the world, Africa being no exception.
Africa has an extremely rich landscape, with all kinds of valuable minerals, oil being the most lucrative. Those countries that were wise enough to invest in its oil reserves are now reaping huge returns, despite a very volatile year in the global energy market.
The October figures are fairly consistent with the figures that OPEC has been reporting throughout the year. Below is a list of the five African countries that produced the most oil for the month of October. The list also includes the September figures and the increase or decrease between the two months for each country.
Production figures are presented in thousands of barrels per day, bpd, and are based on secondary sources as opposed to direct communication, although the two sources are moderately identical.