"Top 5 largest oil-producing countries in Africa for April"

" Top 5 largest oil-producing countries in Africa for April \r\n\r\n \r\n\r\nAccording to the latest report from the\u00a0 Organization of the Petroleum Exporting Countries (OPEC), \u00a0the global oil demand forecast 2024 remains unchanged.\r\n\r\nMost African OPEC members, according to secondary sources saw a decline in the amount of oil produced during the period under review save Algeria Libya, and Congo.\r\n\r\nAccording to the report Nigeria produced the most oil for the month despite falling in oil production.\r\n \r\n\r\nIn April, the period under review for the latest OPEC report, the OPEC Reference Basket (ORB) value increased by $4.90, or 5.8%, month on month, to an average of $89.12\/b.\r\n\r\nOil futures prices averaged higher, with the ICE Brent front-month contract rising by $4.33, or 5.1%, to $89.00\/b, and the NYMEX WTI front-month contract rising by $3.98, or 4.9%, to $84.39\/b.\r\n\r\n \r\n \r\n\r\nThe report also noted that in the same month, refinery margins went downward as the rebound in refinery processing rates and increased product production weighed on product markets.\r\n\r\n \r\n \r\n\r\nHighlights from the report include the fact that West African sweet crudes declined due to delayed May loading, poor demand from Europe, and supply of comparable crude grade in Northwest Europe.\r\n \r\n\r\nAdditionally, during the month, crude oil futures prices jumped by 5% compared to the previous month, owing to greater risk premiums due to geopolitical concerns. Higher financial flows and a positive view from money managers contributed to the rising trend in oil futures.\r\n\r\n \r\n \r\n\r\nThe global economy is resilient, with rising manufacturing activity in emerging economies. Traders remain optimistic about crude market fundamentals ahead of the driving season, despite weakening in the diesel market.\r\n\r\n \r\n \r\n\r\nWith that said here are the 5 largest oil-producing countries in Africa for the April, in thousands of barrel per day (tb\/d).\r\n \r\n \r\n \r\n Rank \r\n Country \r\n Oil produced tb\/d \r\n \r\n \r\n \r\n \r\n 1. \r\n Nigeria \r\n 1,354 \r\n \r\n \r\n 2. \r\n Libya \r\n 1,179 \r\n \r\n \r\n 3. \r\n Algeria \r\n 909 \r\n \r\n \r\n 4. \r\n Congo \r\n 271 \r\n \r\n \r\n 5. \r\n Gabon \r\n 219 \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n "

"Top 5 largest oil-producing countries in Africa for April"

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