Nigeria has maintained its position as the leading oil-producing country in Africa, according to the latest report from the Organization of the Petroleum Exporting Countries (OPEC). The report, which covers oil production data for February 2025, reveals that Nigeria produced an average of 1,560 thousand barrels per day (tb/d), followed closely by Libya and Algeria.

The OPEC report also highlights a decline in the OPEC Reference Basket (ORB) price, which fell by $2.57, or 3.2%, month on month, to average $76.81 per barrel. The ICE Brent front-month contract and the NYMEX WTI front-month contract also experienced a decline, falling by $3.40, or 4.3%, and $3.89, or 5.2%, respectively.

In terms of global oil demand, the report predicts that growth will remain strong, with an expected increase of 1.4 million barrels per day (mb/d) in 2025 and 2026. The Organization for Economic Co-operation and Development (OECD) is expected to increase by roughly 0.1 mb/d year on year, while non-OECD demand is expected to rise by about 1.3 mb/d.

The report also provides insight into oil production trends in Africa, with Nigeria, Libya, and Algeria experiencing an uptick in production volumes, while Congo and Gabon saw a slight decrease. The top 5 African countries that produced the most oil in February 2025 are Nigeria, Libya, Algeria, Congo, and Gabon, respectively.

The OPEC report's findings are significant, as they provide a snapshot of the current state of the global oil market. The predicted growth in oil demand and the trends in oil production in Africa will likely have implications for the energy sector as a whole.

It is worth noting that the report's predictions are based on current market trends and may be subject to change. However, the data provided offers valuable insights into the complex and ever-changing landscape of the global oil market.

As the energy sector continues to evolve, it will be important to monitor these trends and predictions to better understand the implications for the global economy and the environment.

Source: Organization of the Petroleum Exporting Countries (OPEC)