Nigeria is the leading oil exporting country in Africa, the Organisation of the Petroleum Exporting Countries (OPEC) has said.
A report issued by OPEC revealed that Nigeria topped the list of African oil-producing countries in June, followed by Libya and then Algeria.
According to the report, global oil prices rose during June 2025, which was reflected in production levels in a number of African countries that rely on this commodity as a major source of national income.
According to OPEC data, Nigeria’s daily production reached approximately 1.547 million barrels in June, an increase of 19,000 barrels over the previous month. Libya came in second place with production of 1.280 million barrels per day, despite a decrease of 24,000 barrels. Algeria maintained third place with daily production of 927,000 barrels.
Buoyed by Trump’s Russia threats and news of Indian state refiners curbing purchases of Russian crude, crude oil futures have been trending above $70 per barrel throughout the week, settling on Friday slightly below the $71 mark. Towards the end of the week, sentiment has been sapped by expectations of yet another OPEC+ production hike, potentially even as high as 548,000 b/d, as the eight output-cutting countries aim to get rid of voluntary quota commitments.
The US State Department stated it would impose sanctions on 20 entities it suspects of trading Iranian oil and petrochemical products, including the Chinese oil terminal Zhoushan Jinrun, the fourth port facility in China to be directly targeted by the US.
India’s state-controlled refiners have stopped buying Russian oil as discounts narrowed to just -$1 per barrel to Dubai, further disincentivized by Donald Trump’s announced 25 per cent tariff on India if the country continues its purchases of Russian crude.
Buoyed by higher crude oil production on the heels of OPEC+ unwinding, Saudi Arabia’s budget deficit shrank to $9.2 billion in the second quarter of 2025, a 40% decline compared to the previous quarter, putting the kingdom’s public debt at $370 billion.
Confirming rumours from a week ago, the Trump administration has reportedly granted a sanctions waiver to US oil major Chevron, allowing it to resume operations in Venezuela on the condition that no money reaches the Venezuelan state.