Crude oil and condensate production in Africa stood at 6.32 million barrels per day in 2023. Over the last two years, there was a 3.11% decline year-on-year in 2023 and a 4.18% decline year-on-year in 2022, indicating a shrinking trend. The Compound Annual Growth Rate (CAGR) over the last five years was -4.07%, showing a consistent downward trend in production. Moving forward, a projected decline continues with a forecasted 5-year CAGR of -2.58%, leading to an anticipated 12.25% reduction in production by 2028.
Key future trends to watch for include potential geopolitical tensions, investment in renewable energy, and the impact of technological advancements in oil extraction and production efficiency. Additionally, regulatory changes and global market demand shifts could significantly influence Africa’s crude oil and condensate production outlook.