Africa’s Top 5 Oil Producers in March
Africa’s Top 5 Oil Producers in March
The OPEC basket price dropped slightly to $66.25 on Monday, down from $66.35 on Friday, reflecting a broader decline in global crude prices following new US tariffs under Donald Trump.
OPEC has revised its 2025 global oil demand growth forecast to 1.3 mb/d, citing Q1 data and expected consumption impacts from the tariffs.
Despite this, Africa's top oil producers remain steady, though most saw slight declines compared to February:
1⃣Nigeria – 1,515 tb/d (-25)
2⃣Libya – 1,262 tb/d (-22)
3⃣Algeria – 912 tb/d (-2)
4⃣Republic of Congo – 259 tb/d (+1)
5⃣Gabon – 222 tb/d (-1)
Nigeria, Africa’s largest producer, is expected to remain largely unaffected by the new US tariffs, as oil and gas exports are exempt and its trade exposure is limited.
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