Africa's Oil Industry Remains Dominant but Faces Capacity Constraints

Africa remains a significant player in the global oil market, accounting for approximately 10% of total crude oil production. According to Mark-Anthony Johnson, CEO of JIC Holdings, Africa produced nearly 10 million barrels per day in 2025, making it a major net exporter of crude oil.

Nigeria led the continent's oil producers and exporters, averaging between 1.5 and 1.6 million barrels per day. Libya followed closely behind with production and exports ranging from 1.2 to 1.39 million barrels daily. Algeria and Angola also played significant roles in Africa's oil industry, producing around 1.14 million and over 1 million barrels per day, respectively.

Africa's energy sector is characterized by a major imbalance: despite being a significant exporter of crude oil, the continent relies heavily on imported refined petroleum products due to limited domestic refining capacity. However, this trend may be shifting with the expansion of large-scale refining projects, including Nigeria's Dangote Refinery, which has reached 650,000 barrels per day and is expected to reach full operational capacity.