Libya Maintains Lead in Africa’s Oil Reserves with 48.36 Billion Barrels
Libya continues to dominate African oil reserves, maintaining its position at approximately 48.36 billion barrels, a figure that has remained stable since 2013. The North African nation’s reserves represent a significant portion of the continent’s total proven crude oil resources.
According to the latest annual statistical bulletin published by the Organization of the Petroleum Exporting Countries (OPEC), Africa’s total confirmed crude oil reserves experienced a slight decline in 2024, dropping to 119.363 billion barrels from 119.583 billion barrels in 2023.
This recent decline follows an increase recorded in 2023, when reserves rose by 533 million barrels compared to 2022, which saw reserves at 119.05 billion barrels. The fluctuation reflects the ongoing challenges and opportunities facing African oil exploration and production across the continent.
Libya’s ability to maintain its reserve levels while other African nations experience variations demonstrates the country’s substantial hydrocarbon endowment and its continued importance in regional and global energy markets.
Source: libyaobserver.ly