The Organization of the Petroleum Exporting Countries just released its monthly oil market report for the month of October.
- Business Insider presents the top 5 oil producing African countries
- The list primarily focuses on oil production for the months of October and September.
- The list is courtesy of the OPEC monthly oil market report for October.
As expected, some countries recorded growth from the previous month, while some unfortunately ran at a loss. Crude oil output increased mainly in Nigeria and Iraq, while production in Saudi Arabia and Angola declined.
According to the organization; The OPEC Monthly Oil Market Report (MOMR) covers surface data and nuances affecting the world oil market and gives insight on the market’s developments.
In this report there are also comparisons of numerous oil players across the globe, Africa being no exception.
Africa has a vastly rich landscape, with all sorts of precious minerals, oil being the most lucrative. The countries that have been judicious enough to invest in its oil reserves are today reaping tremendous returns, despite a very unstable year in the global energy market.
The figures for October are fairly consistent with the figures OPEC has reported all year round. Below is a list of five African countries which produced the most oil for the month of October. The list also contains September figures and the increase or decline recorded between both months for each country.
The figures denoting production are presented in thousand barrels per day, tb/d, and are based on secondary sources as opposed to direct communication, even though both sources are moderately identical.
