Libya was the richest country in oil in Africa as of 2021, accumulating 48.4 billion barrels of proved reserves. Nigeria followed with reserves of 36.9 billion barrels of crude oil, while Algeria’s reserves summed up to 12.2 billion barrels. That same year, total crude oil reserves in Africa stood at 125.3 billion barrels.
Oil production in Africa
Africa’s oil output reached nearly 8.4 million barrels per day in 2019. Although it owns the largest oil reserves in the continent, Libya has been registering a relatively low level of oil production, a result of conflicts and an unstable political situation. The country produced around 1.1 million barrels per day in 2019. In comparison, Nigeria, the biggest oil producer in Africa, generated some 2.1 million barrels per day that same year.
Boosting the economy
Fossil fuels play a crucial role in oil-producing economies. In 2019, Nigeria led crude oil exports in Africa, with more than two million barrels of oil sold on the international market every day. Moreover, the sector accounted for seven percent of Nigeria’s gross domestic product (GDP). In Angola, which is also an oil-rich country, the industry had an even higher contribution to the GDP, at nearly 40 percent.
Proved crude oil reserves in Africa in 2021, by country
(in billion barrels)
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EIA. (March 15, 2023). Proved crude oil reserves in Africa in 2021, by country (in billion barrels) [Graph]. In Statista. Retrieved October 15, 2024, from https://www.statista.com/statistics/1178147/crude-oil-reserves-in-africa-by-country/
EIA. "Proved crude oil reserves in Africa in 2021, by country (in billion barrels)." Chart. March 15, 2023. Statista. Accessed October 15, 2024. https://www.statista.com/statistics/1178147/crude-oil-reserves-in-africa-by-country/
EIA. (2023). Proved crude oil reserves in Africa in 2021, by country (in billion barrels). Statista. Statista Inc.. Accessed: October 15, 2024. https://www.statista.com/statistics/1178147/crude-oil-reserves-in-africa-by-country/
EIA. "Proved Crude Oil Reserves in Africa in 2021, by Country (in Billion Barrels)." Statista, Statista Inc., 15 Mar 2023, https://www.statista.com/statistics/1178147/crude-oil-reserves-in-africa-by-country/
EIA, Proved crude oil reserves in Africa in 2021, by country (in billion barrels) Statista, https://www.statista.com/statistics/1178147/crude-oil-reserves-in-africa-by-country/ (last visited October 15, 2024)
Proved crude oil reserves in Africa in 2021, by country (in billion barrels) [Graph], EIA, March 15, 2023. [Online]. Available: https://www.statista.com/statistics/1178147/crude-oil-reserves-in-africa-by-country/