Oil production in Africa has experienced fluctuating trends over the past decade. Between 2013 and 2020, production showed a marked decline, particularly affected by a significant 16.64% drop in 2020. From 2020 to 2023, production stabilized slightly with minor year-on-year variations, standing at 332.7 million metric tons in 2023. Since then, forecasted data indicates a constant production of 332.7 million metric tons from 2024 to 2028, reflecting zero average annual growth.
Looking forward, key future trends to watch for include:
- Advancements in extraction technology that could alter production levels.
- Government policies and geopolitical factors affecting the oil sector.
- Global energy transition trends impacting demand for fossil fuels.