According to the latest report from the Organization of the Petroleum Exporting Countries (OPEC), the global oil demand forecast 2024 remains unchanged. Most African OPEC members, according to secondary sources saw a decline in the amount of oil produced during the period under review save Algeria Libya, and Congo. According to the report Nigeria produced the most oil for the month despite falling in oil production…
In April, the period under review for the latest OPEC report, the OPEC Reference Basket (ORB) value increased by $4.90, or 5.8%, month on month, to an average of $89.12/b. Oil futures prices averaged higher, with the ICE Brent front-month contract rising by $4.33, or 5.1%, to $89.00/b, and the NYMEX WTI front-month contract rising by $3.98, or 4.9%, to $84.39/b.
The report also noted that in the same month, refinery margins went downward as the rebound in refinery processing rates and increased product production weighed on product markets, Highlights from the report include the fact that West African sweet crudes declined due to delayed May loading, poor demand from Europe, and supply of comparable crude grade in Northwest Europe.
The global economy is resilient, with rising manufacturing activity in emerging economies. Traders remain optimistic about crude market fundamentals ahead of the driving season, despite weakening in the diesel market, With that said here are the 5 largest oil-producing countries in Africa for the April, in thousands of barrel per day (tb/d).
| Rank | Country | Oil produced tb/d |
|---|---|---|
| 1. | Nigeria | 1,354 |
| 2. | Libya | 1,179 |
| 3. | Algeria | 909 |
| 4. | Congo | 271 |
| 5. | Gabon | 219 |
