Oil & Gas

The ranking of the largest African oil producers in OPEC during the first quarter of this year reveals disparities in average production across the continent. Some countries implemented voluntary cuts while adhering to the production reduction policy of the OPEC+ alliance.

Data from the Washington-based Energy Research Unit shows that during the first quarter of 2024, Libya, Algeria, and Congo experienced declines in average crude oil production compared to the same period in 2023. In contrast, Nigeria, Gabon, and Equatorial Guinea saw an increase in production.

Nigeria maintained its position as Africa's largest oil producer in OPEC, with average production rising to 1.423 million barrels per day compared to 1.345 million barrels per day in the first quarter of 2023. Libya's average oil production declined to 1.117 million barrels per day, and Algeria's production dropped to 0.910 million barrels per day.

Congo, Gabon, and Equatorial Guinea also experienced fluctuations in production. Congo's average production declined to 0.246 million barrels per day, while Gabon's production rose to 0.217 million barrels per day. Equatorial Guinea's production slightly increased to 0.055 million barrels per day.

It is worth noting that Algeria implemented additional voluntary production cuts starting in January 2024, in addition to the cuts announced in April 2023, which are expected to continue until the end of 2024.