Libya has maintained its position at the top of African nations with the largest proven oil reserves on the continent, boasting an estimated 48.36 billion barrels. This significantly surpasses Nigeria, which holds the second spot, according to the report issued yesterday, Wednesday, by the Organization of the Petroleum Exporting Countries (OPEC).
Nigeria ranked second with proven reserves of 24.38 billion barrels, following a notable decline in its reserves as per the organisation’s report. Algeria secured the third position with reserves amounting to 12.2 billion barrels.
In related findings, OPEC’s report highlighted the highest production levels across the African continent last year. Nigeria led this ranking with an average daily output of 1.34 million barrels, while Libya secured the second position with 1.13 million barrels per day.
Concluding its report, the organisation stated that the total proven oil reserves in Africa reached 119.363 billion barrels by the end of 2024, a slight decrease from 119.583 billion barrels recorded in 2023.
