Oil is a natural resource formed by the decay of organic matter over thousands of years and therefore it can‘t be manufactured in a factory but can only be extracted on oil reserves. Oil production is measured in barrels per day.
The three main producers of crude oil in the world are the United states , Saudi Arabia and Russia who have been producing around 10-15 million barrels per day each.
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Although they are the highest producers of crude oil , they are the biggest consumers as well.
United states alone consumes almost 20 million barrels of oil per day more than it produces making the United states import oil from other nations.
These countries also have the largest Proven oil reserves in the world.
A third of total energy in the world is derived from oil more than any other source.Therefore oil production is very crucial in our daily lives.
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Switching gears, Most oil producing countries in Africa are members of The Organization of the Petroleum Exporting Countries (OPEC). As of today, OPEC controls oil prices in the world since it accounts to nearly 42% of total world oil production.
Oil production continues to play an important role in the global economy.
Nigeria a member of OPEC is the largest producer of crude oil in Africa and sub-saharan africa. The country produces an average of 1.9 million barrels of oil per day.The country has 37 billion barrels of proven oil reserves(second in Africa after libya) meaning the country can supply oil for 45 years with the current rate of production.On the other hand, Nigeria consumes 428,000 barrels of crude oil per day (2016) therefore exporting the majority of oil it produces to other countries.
It is closely followed by Angola who have the 4th largest proven oil fields in Africa. Oil accounts nearly 95% of total Angola’s exports and 70% of tax comes from the same. Angola produces approximately 1.3million barrels of oil per day and consumes 133,000 barrels of crude oil daily. This means that Angola with 8 billion barrels of proven oil reserves can use its oil for more than 160 years if it decides not to export its oil. Facinating! Isn‘t it?
Next on the list of Top oil producing countries in sub saharan africa is republic of congo .The country produces 308,363 of oil on a daily basis.
Congo is also a member of OPEC. The country highly depends on oil to fund government projects. Congo holds 1.6 billion barrels of proven oil reserves. Congo consumes 17,000 barrels of oil per day exporting 95% of its oil production.
Next is Equatorial Guinea which produces 227,000 barrels of oil per day.Equatorial Guinea holds close to1 billion barrels of proven oil reserves. The country consumes 5,200 barrels of oil per day exporting 77% of its oil production.
Gabon finalizes this list with 210,820 barrels of oil produced per day.The country holds 2 billion barrels of proven oil reserves .Gabon consumes 21,000 barrels per day exporting 98% of its oil production.
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Other top oil-producing nations in Sub-saharan Africa include:
- Ghana 100,549 b/d
- Cameroon 93,205 b/d
- South Sudan 90,000 b/d
- Ivory Coast 30,000 b/d
- Democratic Republic of the congo 20,000 b/d
The 2020 COVID-19 outbreak has reduced demand for oil due to confinement and travel restraint measures introduced globally to curb the spread of the virus. Its therefore very important for sub-saharan Africa oil producing countries to diversify their economies to reduce their over-dependence on oil for there development projects.