- The OPEC Reference Basket (ORB) value dropped by 6.8% in April, averaging $68.98 per barrel.
- Year-to-date, the ORB value is $74.82 per barrel, reflecting a 10.6% decrease from the previous year.
- Specific crude oil components saw varying degrees of price decline, influenced by market dynamics.
As per the recent monthly oil-report by the Organization of the Petroleum Exporting Countries (OPEC), in April, the OPEC Reference Basket (ORB) value fell by $5.02, or 6.8%, month on month, to average $68.98/barrel.
Top 5 African countries that produced the most oil in April 2025
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All ORB component prices fell in accordance with their respective crude oil benchmarks.
Lower official selling prices for most components in the three main marketplaces also contributed to the decrease.
Year-to-date, the ORB value was $74.82/b, down $8.85 or 10.6% from the previous year.
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“West and North African Basket components – Bonny Light, Djeno, Es Sider, Rabi Light, Sahara Blend and Zafiro – fell by an average of $4.77, or 6.7%, m-o-m, to $66.85/b, and multiple-region destination grades – Arab Light, Basrah Medium, Iran Heavy and Kuwait Export – decreased on average by $5.11, or 6.8%, m-o-m, to settle at $69.89/b,” the report states.
“Murban crude fell by $4.90, or 6.7%, m-o-m, on average to settle at $67.73/b. The Merey component decreased by $4.38, or 7.2%, m-o-m, to settle at $56.72/b” it adds.
The report also highlights that despite recent tariff developments, the global economy continues to grow steadily.
The globe’s economic growth prediction for 2025 has been lowered down to 2.9%, while the growth forecast for 2026 stays at 3.1%.
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Additionally, the world’s oil demand in 2025 is projected to climb by 1.3 mb/d, year on year, unchanged from last month's projection.
Despite recent tariff-related changes, the global economy is on track for growth, and as for Africa’s largest oil-producer: Nigeria, this trend is prevalent.
Nigeria's oil marketers still reliant on imported petrol despite Dangote refinery claims
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The Nigerian economy is not expected to be seriously affected by recent US tariffs due to exemptions for oil and gas exports and little commerce with the US.
“The April 2025 Stanbic IBTC Bank Nigeria PMI eased slightly to 54.2 from a one-year high of 54.3 in March, but still marked the fifth consecutive month of expansion in the private sector.
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Output growth accelerated to its fastest pace since January 2024, while employment rose for the fifth straight month to an eight-month high, as firms responded to stronger demand,” the OPEC report states.
“However, rising raw material costs and currency depreciation pushed input prices higher, leading to a further uptick in output charges.
Despite these inflationary pressures, businesses remained optimistic about the year-ahead outlook, although confidence softened for the third consecutive month, it adds.
With that said, here are the African countries with the highest oil production last month in thousand barrels per day (tb/d), according to OPEC’s report.
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Save Congo which plateaued at 0, mucj like last month when it stood as the only country on the list to record an increase, everyother country on the list produced less oil.
Top 5 African countries with the highest oil-production in April 2025
| Rank | Country | DoC crude oil production based on secondary sources, tb/d | Change between April and March |
|---|---|---|---|
| 1. | Nigeria | 1,471 | -28 |
| 2. | Libya | 1,263 | -14 |
| 3. | Algeria | 912 | -1 |
| 4. | Congo | 260 | 0 |
| 5. | Gabon | 222 | -1 |
