Top 5 African countries that produced the most oil in May 2025
Oil production remains a key revenue source for several African nations, significantly impacting their GDP.
OPEC's May report highlights a monthly decline in oil prices, including ORB, ICE Brent, and NYMEX WTI contracts.
Global economic growth forecasts for 2025 and 2026 remain steady at 2.9% and 3.1%, respectively.
According to the latest OPEC report, the month of May saw the OPEC Reference Basket (ORB) fall by $5.36, or 7.8%, month on month (m-o-m), to $63.62/b.
Additionally, the ICE Brent front-month contract fell by $2.45, or 3.7%, month on month to average $64.01/b, while the NYMEX WTI front-month contract fell by $2.02, or 3.2%, to $60.94/b.
'The global economy maintained a stable growth trajectory, supported by healthy 1Q25 growth and tentative progress in US trade negotiations,' the report stated.
'The global economic growth forecasts remain unchanged at 2.9% for 2025 and 3.1% for 2026,' it added.
According to last month's estimate, the global oil demand growth prediction for 2025 is still 1.3 mb/d, year-over-year (y-o-y). A few small revisions were made, mostly to the 1Q25 real data.
In 2025, the OECD expects oil consumption to increase by around 0.2 mb/d, whereas non-OECD demand is expected to increase by over 1.1 mb/d.
In contrast, the supply of non-DoC liquids is expected to increase by around 0.8 mb/d, year over year, in 2025, according to the same prediction made last month.
Argentina, Canada, Brazil, and the United States are anticipated to be the primary growth engines.
The report also notes that for the second half of the year, supply output in Africa and some Asian markets is projected to experience very significant declines.
However, some African countries are still churning out decent amounts of crude.
With that said, here are the African countries with the highest oil production last month in thousand barrels per day (tb/d), according to OPEC's latest report.
Save Congo, all other African countries on the list experienced an increase in oil-production compared to last month.
Top 5 African countries that produced the most oil in May 2025
Rank Country DoC crude oil production based on secondary sources, tb/d Change between May and April
1. Nigeria 1,544 22
2. Libya 1,302 36
3. Algeria 921 9
4. Congo 253 -6
5. Gabon 233 12
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 hours ago
- Yahoo
Trump signals stalled US-Canada trade talks as tariff deadline looms
-- As the clock ticks toward a critical August 1 deadline, U.S.-Canada trade negotiations show few signs of progress, with officials on both sides signaling a hardening of positions. U.S. President Donald Trump said Friday that talks with Ottawa have been largely unsuccessful, raising the possibility that tariffs may be the administration's primary course of action. 'We will have most of our deals finished, if not all. We haven't really had a lot of luck with Canada,' Trump told reporters. 'I think Canada could be one where they just pay tariffs. It's not really a negotiation.' Washington's immediate focus has turned toward the European Union, while Canada remains on the periphery of the White House trade agenda. 'We're working very diligently with Europe, the EU, which covers a lot of territory... That's the big one right now... We don't have a deal with Canada, we haven't been focused on it,' Trump added. Without a new trade pact in place, existing tariffs on certain Canadian exports are scheduled to rise to 35% from 25%, particularly on non-CUSMA goods. Canadian Minister of Intergovernmental Affairs Dominic LeBlanc concluded talks in Washington this week, meeting briefly with U.S. Commerce Secretary Howard Lutnick. 'We've made progress, but we have a lot of work in front of us,' LeBlanc said following the meetings. Prime Minister Mark Carney has tempered expectations for any breakthrough, reiterating the government's commitment to national interest over expediency. "The Government of Canada will not accept a bad deal,' Carney stated, adding that Ottawa would proceed only 'in the best interest of Canadians.' Analysts from BofA Securities have cited tariff exemptions for CUSMA goods as leaving Canada and Mexico as the best-positioned countries currently subject to U.S. levies. The exemptions afford Canada some leeway, aligning with Trump's comments that the government may potentially foot the tariff bill, all in hopes of a better deal. Related articles Trump signals stalled US-Canada trade talks as tariff deadline looms These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia Risks Rising? Smart Money Dodged 46%+ Drawdowns on These High-Flying Names Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Yahoo
5 hours ago
- Yahoo
What To Expect From Monday's OPEC+ Meeting
OPEC+ looks set to stay the course at Monday's Joint Ministerial Monitoring Committee meeting, with four anonymous delegates telling Reuters the group is unlikely to tinker with its output policy. A fifth source said it was too early to say. The plan on the table remains: raise production by 548,000 barrels per day in August—part of a previously announced unwinding of 2.2 million bpd in voluntary cuts by eight members. At face value, it's a logical move to regain market share while summer demand props up prices. But before anyone starts pricing in those extra barrels, a note of caution: these unnamed 'sources close to the matter' have been off the mark before—and not infrequently. The group itself hasn't commented directly ahead of the meeting. And as some analysts have wisely pointed out, actual production doesn't necessarily reflect production plans. The broader signals from OPEC+ in recent months suggest a carefully calculated pivot. The Saudi-led bloc had been curbing supply for years to support prices, but now—with U.S. gasoline costs under scrutiny and Washington pressuring for more output—it's finding a new equilibrium. The UAE's early delivery of its 300,000 bpd quota boost is emblematic of this shift. Even with these planned increases, oil prices remain rangebound. Brent was hovering around $69 on Friday—not exactly bullish, but not falling apart either. That's partly because not all members have actually met their hike targets, blunting the impact of quota expansions. OPEC's own monthly outlooks paint a balanced picture. The group expects solid demand through the second half of 2025, buoyed by travel and petrochemical growth, particularly in Asia. Yet it also flags persistent uncertainty—soft economic data, slowing Chinese momentum, and EV uptake all threaten demand stability. So, while the JMMC may recommend no change on Monday, take the whispers with a dose of skepticism. As always with OPEC+, the real policy signal often arrives only when the barrels—or lack thereof—hit the water. By Julianne Geiger for More Top Reads From this article on
Yahoo
5 hours ago
- Yahoo
Dollar Strength and Dampened Trade Deal Optimism Undercut Crude Prices
September WTI crude oil (CLU25) on Friday closed down -0.87 (-1.32%), and September RBOB gasoline (RBU25) closed down -0.0121 (-0.58%). Crude oil and gasoline prices erased an early advance on Friday and moved lower due to a stronger dollar. Also, optimism for the US to reach new trade deals was dampened, which weighed on crude prices, after President Trump said the US has a 50-50 chance of striking a trade deal with Europe before next week's deadline. Crude prices found some support on Friday after the S&P 500 rose to a new record high, indicating confidence in the economic outlook that supports energy demand. More News from Barchart Nat-Gas Prices Climb on a Smaller-Than-Expected Storage Build Crude Prices Rise as Progress in Trade Talks Supports Energy Demand Progress in Trade Talks Supports Energy Demand and Crude Prices Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Friday's global economic news was bearish for energy demand and crude prices. US Jun capital goods new orders nondefense ex-aircraft & parts unexpectedly fell -0.7% m/m, weaker than expectations of a +0.1% m/m increase. Also, UK Jun retail sales ex-auto fuel rose +0.6% m/m, weaker than expectations of +1.2% m/m. Oil prices have been undercut by expectations for Iraq to boost crude exports from its northern Kurdish region through the Iraq-Turkey pipeline, where oil exports have been halted since March 2023. The Iraqi government approved a plan for the semi-autonomous Kurdish region to resume oil exports. Kurdistan expects to supply Iraq's crude market with 230,000 bpd of crude once exports resume. Iraq is the second-largest oil producer in OPEC. Crude prices have underlying support from last Friday, when the European Union approved fresh sanctions on Russian oil due to its aggression against Ukraine. The sanctions package includes cutting off 20 more Russian banks from the international payments system SWIFT, as well as restrictions imposed on Russian petroleum refined in other countries. A large oil refinery in India, part-owned by Russia's Rosneft PJSC, was also blacklisted. Additionally, 105 more ships in Russia's shadow fleet were sanctioned, pushing the number of sanctioned ships above 400. Concern about a global oil glut is negative for crude prices. On July 5, OPEC+ agreed to raise its crude production by 548,000 barrels per day (bpd) beginning August 1, exceeding expectations of a 411,000 bpd increase. Saudi Arabia also stated that additional similar-sized increases in crude output could follow, which is viewed as a strategy to reduce oil prices and penalize overproducing OPEC+ members, such as Kazakhstan and Iraq. OPEC+ is boosting output to reverse the 2-year-long production cut, gradually restoring a total of 2.2 million bpd of production by September 2026. On May 31, OPEC+ agreed to a 411,000 bpd increase in crude production for July, following the same 411,000 bpd hike for June. June crude production rose +360,000 bpd to a 1.5-year high of 28.10 million bpd. In a supportive factor for oil prices, Bloomberg reported on July 10 that OPEC+ is discussing a pause in further production increases from October, following its next monthly hike in September of 548,000 barrels. OPEC+ may be concerned about a slowdown in global oil demand in the second half of this year that could lead to a supply glut if the group keeps boosting production. The International Energy Agency said inventories have been accumulating at a rate of 1 million bpd and that the global crude oil market faces a surplus by Q4-2025 equivalent to 1.5% of global crude consumption. A decrease in crude oil held worldwide on tankers is bullish for oil prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -14% w/w to 66.31 million bbl in the week ended July 18. Wednesday's weekly EIA report showed that (1) US crude oil inventories as of July 18 were -8.6% below the seasonal 5-year average, (2) gasoline inventories were +0.2% above the seasonal 5-year average, and (3) distillate inventories were -18.5% below the 5-year seasonal average. US crude oil production in the week ending July 18 fell -0.8% w/w to 13.273 million bpd, modestly below the record high of 13.631 million bpd posted in the week of 12/6/2024. Baker Hughes reported Friday that the number of active US oil rigs in the week ending July 22 decreased by -7 rigs to a new 3.75-year low of 415 rigs. Over the past 2.5 years, the number of US oil rigs has fallen sharply from the 5.25-year high of 627 rigs reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
