Top 7 African countries with the largest oil reserves

In 2024, several African countries continue to hold significant oil reserves, contributing to their economies and playing a crucial role in the global energy market.

A recent Global Firepower report highlighted the countries with the largest proven oil reserves worldwide. In Africa, Libya leads with 50 billion barrels of crude oil reserves, followed by Nigeria with 37 billion barrels.

Here are the top 7 African countries with the largest oil reserves in 2024:

Libya

Libya tops the list with an impressive 50 billion barrels of proven oil reserves. Despite political instability, Libya's vast oil wealth remains a cornerstone of its economy. On the global train, Libya ranks 9th.

Nigeria

Nigeria, Africa's most populous country, holds around 37 billion barrels of proven oil reserves. As the 11th country globally, the oil industry is vital to Nigeria's economy, accounting for over 80% of its export earnings.

Algeria

Algeria ranks 3rd in Africa with approximately 12.2 billion barrels of oil reserves. The country is a significant player in the African oil market, with its energy sector being a major contributor to its GDP. Globally, Algeria comes 16th on the list.

Angola

Angola's oil reserves are estimated at 7.8 billion barrels. The oil sector is crucial to Angola's economy, generating significant revenue and employment, which places it 4th among African countries in terms of oil reserves.

Sudan

Sudan holds about 5 billion barrels of oil reserves. Despite facing economic challenges, Sudan's oil reserves remain a key asset for the country's development.

South Sudan

South Sudan, which gained independence from Sudan in 2011, has 3.75 billion barrels of oil reserves. Oil is a crucial part of South Sudan's economy, although the country faces significant infrastructural and political challenges.

Egypt

Egypt's oil reserves stand at 3.3 billion barrels. The country is a significant player in the North African oil market, with its energy sector contributing to economic growth and stability.