As good news, bitumen price in Zimbabwe and 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 important 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.
As a matter of fact, of the 1.7 trillion barrels of oil reserves identified in the world, 129 billion and 200 million barrels belong to Africa. Furthermore, the continent supplies 8.2 million of the world’s 95 million barrels of oil per day. It’s good to know that Libya, Nigeria, Angola,
Algeria and Egypt are the continent’s top five countries in terms of oil reserves. Also, Libya has 48.4 billion barrels,
Nigeria 37.1, and Angela 12.7 billion barrels. 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 and Angola is the ninth-largest in the world.
Recently, a huge oil and gas field was discovered in Zimbabwe in South Africa. Additionally, 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.
It’s worth mentioning that Nigeria has the highest daily oil production in Africa at 2.36 million barrels. 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 this year. On the contrary, Central African countries,
Zimbabwe, Mauritius and Cape Verde also had the most expensive gasoline on the continent.
As the final point, the African Oil
Producers Association seeks to establish coordination and cooperation between countries active in this field. Besides,
the union founded by Nigeria, Algeria, Libya and Gabon has now 18 members.