Top 5 African oil-producing countries in December 2022
Business Insider and the Africa Collective initiative present the top five African oil-producing countries for December 2022.
This data comes from OPEC’s monthly oil report.
The list is based on secondary sources provided by OPEC.
The global energy sector took a significant hit in 2022 as a result of numerous economic complications that swept the entire planet.
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The year 2022, which was supposed to be the year when the world had fully recovered from the Covid-19 pandemic, became defined by a scramble for alternative fuel sources, which contributed to global inflation rates skyrocketing.
Europe’s reliance on Russian Liquified Natural Gas became a thorn in Europe’s side as a result of Russia’s war with Ukraine.
The race for alternative energy sources affected entire economies all over the world, not just the oil sector.
According to the Organization of Petroleum Exporting Countries (OPEC), the year 2022 saw central banks around the world revise their monetary policies in an attempt to curb the rising levels of inflation caused by the COVID-19 situation in China and geopolitical developments in Eastern Europe, both of which contributed to oil market volatility.
In Africa, countries such as Nigeria saw a sharp drop in oil production due to insecurity and vandalism of oil infrastructure. For months, production numbers fell, and Nigeria’s oil performance as a whole tanked.
These complications persisted throughout 2022, as global oil production continued to fall short in the final month of the year. These complications inevitably affected oil prices, and according to an extract from OPEC’s monthly oil report, “crude oil futures prices also dropped in December amid heavy selloffs in futures markets, a decline in major equity markets and elevated volatility, which offset risks related to supply disruption. Worries about the economic and demand outlook weighed on oil prices, as did rising global COVID-19 cases in Asia, particularly in China, and lower refining margins for gasoline and diesel/gas oil in Europe and the United States.”
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According to the report, crude oil spot prices fell in December due to “growing concerns of an economic slowdown in major economies, which dampened market sentiment regarding demand outlooks.”
Despite these issues, Africa remains a key global oil contributor, with oil-rich countries on the continent obtaining a portion of the oil quotas expected of them.
As of December 2022, the five African countries with the highest oil production are listed below. The figures below are in thousands of barrels per day (tb/d) of oil production. These figures are also based on secondary sources from OPEC.
