Oil production in Africa has shown a declining trend from 2013, with a few intermittent increases. In 2023, oil production stood at 6.99 million barrels per day. The data indicates fluctuations with notable decreases in years such as 2016 and 2020, followed by modest recoveries. The year-on-year variation over the last two years (2022 and 2023) were -3.49% and -0.82%, respectively. The Compound Annual Growth Rate (CAGR) over the past five years stands at -3.31%. Looking ahead, forecasts suggest a continuing downward trend with an average annual decline (forecasted 5-year CAGR) of -0.66% until 2028.
Future trends to watch for:
- Technological advancements in oil extraction and renewable energy alternatives could further impact production levels.
- Geopolitical stability and regulatory changes within key African oil-producing nations.
- Global oil price fluctuations and their impact on investment in oil production infrastructure.
- Shift towards sustainable energy and its influence on long-term fossil fuel demand.
