- Experts in the African Energy Chamber have predicted a relative calm for the liquids market in 2024.
- AEC predicts that Africa’s oil output will stay relatively flat from 2023 to 2024 at about 6.77 million bpd.
According to a report by the Africa Energy Chamber, Africa is likely to have a flat market but with a gradual decline in oil production in 2024. In the “The State of African Energy 2024 Outlook report,” the African Energy Chamber forecasts a “relative calm” in the liquids market for the rest of 2023. The report predicts that 2024 will stay balanced and somewhat flat, with only marginal growth.
The report by the Executive Chairman of AEC, N.J Ayuk, stated, “As for Africa, our 2023 to 2024 output will stay relatively flat at about 6.77 million bpd. But month-on-month production looks a bit bleaker, with production declining from 6.9 million bpd in January 2024 to approximately 6.62 million bpd in December 2024.
“Currently, a handful of African nations are driving oil and condensate output. This includes OPEC member nations Nigeria, Libya, Algeria, and Angola, with expectations to achieve outputs of 1.51 million bpd, 1.31 million bpd, 1.18 million bpd, and 1.01 million bpd, respectively, in 2024. Out of that group, Nigeria stands to be a star producer, contributing a little over a fifth of these countries’ combined total annual volume.”