The oil rich countries in Africa are really not the wealthiest countries neither do they bost of the richest men or women in the world.
In a recent publication in December 2016, the Monthly oil Market report (MOMR) of the OPEC, crude oil production from Nigeria went a notch above that of Angola even before the start of 2017 as per the planned production cut agreed by OPEC and non-OPEC producers.
Angola would be expected to cut about 78,000 barrels per day (bd) of its production in the agreement which was sealed in late 2016.
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But secondary sources in the MOMR indicated that in November last year, Nigeria and Angola produced 1.692 million barrels (mb) of oil apiece. Information from primary sources in the MOMR stated that Nigeria produced 1.782mb of oil as against Angola’s 1.688mb to show its takeover of Angola by about 94,000bd.
According to secondary sources, OPEC crude oil production in November increased by 151tb/d compared to the previous month to average 33.87mb/d. Crude oil output increased the most in Angola, Nigeria and Libya, while production in Kuwait and Saudi Arabia showed the largest decline.
“A new OPEC-14 production target of 32.5mb/d as per 1 January 2017 represents a reduction of around 1.2mb/d from October production levels,” said OPEC’s December MOMR.
African continent is home to five of the top 30 oil-producing countries in the world. It accounted for more than 8.7 million barrels per day in 2014, which is about 9.4% of world output for the year. This level of production is down somewhat from the heights of 2005 to 2010 when African production topped 10 million barrels per day, including a high of nearly 10.7 million barrels per day in 2010. As of 2015, declines are due mostly to political and civil instability and violence in many of Africa’s biggest oil-producing countries.
Nigeria is still on the number 1 spot on the list of Top 10 oil rich countries in Africa.
Top 10 oil rich countries in Africa
Below is the list of the Top 10 oil rich countries in Africa;
Nigeria may have reclaimed its position as Africa’s top oil producer beating Angola. Angola had led the African oil producing countries with its 1.7 million barrels of crude oil a day, well above Nigeria’s 1.5 million barrels per day, in September 2016, for seven straight months. Nigeria holds the best spot on this list, in spite of the fact that Libya has the biggest reserves in the continent, Nigeria has the high ground as it has the highest rate of production.
Nigeria is the continent’s main producer of oil and has the second largest oil reserves. The nation produces oil of high caliber and is well known with the European and US refiners.
1 barrel of crude oil is traded for an average 50 USD during 2017 meaning that the Nigerian Oil Industry is making as much as 89,000,000 USD per day which may reach up to 32 billion USD in a year which makes Nigeria the largest economy in Africa, Although Nigeria is an oil producing country the oil only contributes 10% of the total GDP. Crude oil exports as of 2016 earned the country $74B, petroleum gas earned the country $13B, refined petro $4.23B, pyrophoric Alloys $1.9 B among others. The economy of Nigeria also flourishes under aircraft parts exports, vessels, cocoa, tobacco, processed food and spirits and vinegar exports.
With an estimated population of 177 million, Nigeria is the continent’s most populous country. It currently has the seventh largest population in the world and the U.N. estimates those numbers will balloon to 258 million by 2050. It is made up of over 250 ethnic groups, with the Hausa and Fulani groups being the most dominant, followed by Yoruba and Igbo.
‘World capital of oil pollution’
The Niger Delta has taken a beating from the decades of oil exploration and production. Environmentalists call the Delta the “world capital of oil pollution” with some 300 spills each year, according to the BBC. Locals blame the oil industry for destroying their fishing livelihood, as well as clean water sources. Environmentalists say international oil companies take advantage of the lack of laws and government regulation in Nigeria, but the companies say sabotage is also to blame for the pollution.
Angola holds the second spot soon after Nigeria. It is unquestionably one of the biggest oil producers in Africa. It delivers an average of 1.9 million barrels in a day. Universally, Angola positions seventh, this is an unmistakable actuality they are a powerhouse when it comes to oil production. Angola’s economy has significantly enhanced on account of its entrenched stage that empowers financial specialists into the oil business.
This is the third time Angola will floor Nigeria as the continent’s largest producer, following the attacks on oil installations in Niger Delta region in 2016.
OPEC’s monthly oil market report (MOMR) released yesterday revealed that Angola’s production was now at 1.651 million barrels per day, according to secondary sources.According to the report, Nigeria, on the other hand, had its production levels between 1.576 million barrels and 1.604 million barrels per day, according to secondary sources and direct communications, respectively.
Using both sources, Angola stands as Africa’s largest oil producer, after losing that spot to Nigeria in December 2016. OPEC also revealed that Nigeria, Saudi Arabia and the United Arab Emirates recorded massive improvements in their economic outlook. “In Nigeria, operating conditions in the country’s private sector improved in January for the first time in a year, as suggested by the Stanbic IBTC Bank Nigeria PMI,” OPEC said.
Following nearly at the third spot is Algeria. As indicated by sources, before the end of 2012 Algeria had an expected 12.2 barrels of oil reserves. In spite of the fact that Algeria faces various difficulties both politically and monetarily, it is as yet ready to create an average of 2.1 million barrels in a day.
It’s not by chance that the Libyan economy is among the most hydrocarbon-subordinate. Indeed, even by certainties, the oil and gas industry accounts for very nearly 70% of its GDP, around 97% of the fare income, and around 90% of monetary incomes. Libya creates an average of 1.7 million barrels per day.
In spite of the fact that sooner or later Egypt’s oil production had been declining, a balanced being the improvement of the petroleum gas industry, which during this period the gaseous petrol production has sufficiently expanded to provide food for the regularly expanding utilization level, it is still among the best oil-delivering nations in the continent.
At the 6th spot is Sudan. It manages to deliver around 487,000 of oil for each day. Oil is unquestionably one of the greatest financial exercises of Sudan. In spite of the fact that it positions up with the best, the nation hasn’t possessed the capacity to completely take advantage of the business well with such huge numbers of issues emerging that as of late made the nation isolate into two distinct countries.
7. Equatorial Guinea
Tropical Guinea is at the seventh spot nearly on the tail of Sudan. The nation’s oil rings are placed off the coast making exportation quite easy. The business bolsters a decent offer in the economy while delivering an average of 346,000 barrels each day.
8. The Republic of Congo
In spite of the fact that the Republic of Congo faces a disastrous number of government and financial difficulties despite everything it still manages to produce enough amount of oil to be able to appear in the top ten oil-producing countries.
Gabon can produce an average of 241,700 barrels of oil in a day. Sadly, Gabon’s territory is secured by the rain forest and its seaward geography is exceptionally perplexing being among the issues that have prompted the moderate increment in the production of oil.
10. South Africa
By producing an average of 190,000 barrels of oil regularly, South Africa is among the wealthiest African economies and most noteworthy oil producing nations in Africa. Because of the nations stable economy, the oil business has seen huge addition contrasted with when it had begun off.