Bitumen price in Africa
Bitumen price in Africa is one of the most important daily news about which we tend to talk in this article.
As a matter of fact, African countries are playing a more important role in the world energy market by
increasing production and discovering new oil and gas fields in different parts of the continent. In other words, African countries are becoming major players in the global energy
market with the increasing production of oil as well as the discovery of new reserves in the north and the desert. However, many of these countries are unable to make good use of their oil reserves
due to political instability and economic issues.
It’s good to know that there are about 1.7 trillion barrels of oil reserves in the world,
129 billion and 200 million barrels of which belong to Africa. Besides, the continent supplies 8.2 million of the world’s 95 million barrels of oil per day. In fact, bitumen price in Africa depends on Libya, Nigeria, Angola, Algeria and Egypt,
since they are the continent’s top five countries in terms of oil reserves. Moreover, Libya has 48.4 billion barrels, Nigeria 37.1, and Angela 12.7 billion barrels of oil.
Bitumen price in Africa in previous years
In 2016, Nigeria and Angola ranked 13th and 14th in the world in terms of oil production. Nigeria is also the eighth largest oil exporter in the world while
Angola is the ninth-largest in the world. It’s worth mentioning that recently, a huge oil and gas field was discovered in Zimbabwe in South Africa. Australian oil exploration company has discovered the oil and gas field, according to President Emerson Mnangagwa.
The search for oil and gas resources continues in other parts of the country. The operation and exploitation of the discovered oil wells in this country, which is in an area of 200 square kilometers, will begin in 2020.
Bitumen price in Nigeria
Generally speaking, Nigeria has the highest daily oil production in Africa at 2.36 million barrels. While Angola with 1.71 million and Algeria with 1.52 million are second and third. As the holder of Africa’s largest oil reserves, Libya produces only 500,000 barrels a day due to political instability.
According to world oil price data, Nigeria, Egypt, Angola, Ethiopia and Tunisia have offered the cheapest gasoline in 2019. Importantly, central African countries, Zimbabwe, Mauritius and Cape Verde also had the most expensive gasoline on the continent.
Cooperation with the Association of Oil Producers in Africa
The African Oil Producers Association seeks to establish coordination and cooperation between countries active in this field. The union founded by Nigeria, Algeria, Libya and Gabon, has now 18 members.