In September, the price of Brent crude rose by $13.94 to an average of $102.02 per barrel, while the OPEC Reference Basket increased by $24.15 to $110.59 per barrel.
The price increases came as demand for West African crude strengthened, supported by strong refining margins and limited supplies from competing producers.
Nigeria, Libya and Algeria remain among Africa’s biggest oil producers, with their output playing an important role in the global oil market.
Nigeria produced an average of 1.53 million barrels of crude oil per day in September, according to OPEC figures.
Libya followed with 1.39 million barrels per day, while Algeria produced about 1 million barrels per day.
The two countries are among the continent’s most important oil producers, supplying crude to international markets and earning revenue from exports.
Other African countries also contribute to the continent’s oil production.
These include Sudan, South Sudan, Gabon, Equatorial Guinea, and Congo.
The rise in oil prices could provide a boost to these countries, particularly those that depend heavily on crude exports to support government revenue and foreign exchange earnings.
However, higher prices do not automatically mean higher production.
Countries still need stable operations, reliable infrastructure, and investment to increase the amount of oil they produce.
The global oil market is expected to remain important for African producers.
OPEC forecasts that worldwide oil demand will grow by 200,000 barrels per day in 2026, with demand in developing economies expected to account for most of the increase.
For Africa’s oil-producing countries, the challenge will be to turn stronger prices and demand into higher production and more revenue.
With that said, here are the African countries that produced the most oil in October, according to OPEC’s latest report.
Source: africa.businessinsider.com
