The export of crude oil is the main source of income for many African countries. According to a report by the German portal, Statista, Africa’s proven crude oil reserves amounted to 125.3 billion barrels in 2021. The largest reserves are in Libya, Nigeria, AlgeriaAngola, Sudan, Egypt, Congo-Brazzaville, Uganda, Gabon, and Chad.
Africa’s largest crude oil reserves?
Having abundant reserves of crude oil is one thing, being able to extract and exploit them is another. Therefore, it is interesting to see whether the countries with the largest crude oil reserves are also those that produce the most.
For the year 2021 (figures from Statista), Libya is the country with the largest proven reserves of crude oil on the African continent with 48.4 billion barrels. In second place is Nigeria with 36.9 billion barrels. Algeria comes in third place, but far behind the top two in the ranking, with 12.2 billion barrels. Fourth position goes to Angola with 7.8 billion barrels. The other countries in the top 10 are Sudan, Egypt, Congo-Brazzaville, Uganda, Gabon, Chad, with 5, 3.3, 2.9, 2.5, 2 and 1.5 respectively. billion barrels.
Top 10 African oil producing countries
Besides, here is the list of the ten African countries that produced the most crude oil in 2021. The figures given are based on data provided by both the Organization of the Petroleum Exporting Countries (OPEC) and by other reliable databases.
- Nigeria: This West African country was the largest producer of crude. Its average daily production, in 2021, was 1.27 million barrels.
- Libya: First reserve in Africa, Libya occupies the second place of the largest oil producing countries. In 2021, it produced an average of 1.21 million barrels of crude per day.
- Angola: This oil-rich country produced a daily average of 1.11 million barrels of crude.
- Algeria: Our country produced an average of 959,000 barrels of crude per day. It happens like this in 4andposition of black gold producing countries in Africa.
- Egypt : Egypt produced 559,000 barrels per day.
- Republic of Congo : The production of this country in 2021 amounted to a daily average of 253,000 barrels.
- Gabon: Gabon’s production averaged 188,000 barrels per day.
- Ghana: The West African country’s daily crude production stood at 176,000 barrels in 2021.
- Equatorial Guinea : The average daily production of this country was 71,000 barrels.
- Chad: Its production was 70,000 barrels per day.
Thus, the vast majority of countries with the largest reserves of black gold, we also find them in the top 10 African oil producing countries. There are, however, a few exceptions. For example, Sudan, 5and reserve (5 billion barrels), does not appear in this top 10. On the other hand, Ghana and Equatorial Guinea which do not appear in the list of the largest reserves, they are among the largest oil producing countries in Africa .
Finally, note that the price of Algerian oil, the Sahara Blend, continues to increase. For Wednesday, May 4, 2022, a barrel sold at $110.74. The Sahara Blend ranks fifth among the most expensive crudes in the world.