May 20, 2024
Oil: Nigeria, Libya, Algeria, Angola and Egypt to produce more than 80% of Africa’s output in 2023 — AEC
OIL MARKET: Anxiety as prices surge to $90.92 per barrel 
– By Alison Godswill

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Oil: Nigeria, Libya, Algeria, Angola and Egypt to produce more than 80% of Africa’s output in 2023 —- AEC

By Eyo Nsima

Top five producers – Nigeria, Libya, Algeria, Angola and Egypt – would produce more than 80 per cent of Africa’s 2023 output, according to African Energy Chamber, AEC.

In its first quarter 2023 report obtained by The Daily, www.thedaily-ng.com, AEC, stated: “2023 global liquids (crude + condensates) month-on-month outlook expected to stay flat and stable with an annual average at 83.4 million barrels per day (MMbbls/d). Africa liquids supply is expected to add up to 8% of the global volumes over the year at an annual average of almost 7 MMbbls/d.

“Top five producers – Nigeria, Libya, Algeria, Angola and Egypt contribute to over 80% of Africa’s 2023 liquids output. While the majority of the production from Nigeria and Angola is from offshore projects, Algeria, Libya and Egypt’s production comes from their respective onshore fields. Production from Nigeria and Angola is in decline, whereas Algeria and Egypt’s production trend has been relatively flat since 2015. Libya’s now subsiding civil war impact is expected to result in increased production in 2023. Regulatory cuts in the form of OPEC sanctions are expected to result in outages in Algeria’s crude oil output throughout the year.”

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Copyright @ TheDaily. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheDaily

Leave a Comment

Your email address will not be published. Required fields are marked *

📰 Subscribe to our Newsletter

Scroll to Top