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OPEC: Can Sub-Saharan African countries reverse production declines?

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09 June 2022

OPEC: Can Sub-Saharan African countries reverse production declines?

Report summary

With demand expected to rise in H2 2022 and 2023, and supply at risk from current market conditions, the reliance is on OPEC to fill any potential supply outage. However, OPEC countries are currently producing under their agreed target for supply cuts, which were introduced in May 2020 to help balance the market during the global pandemic. Sub-Saharan African countries are responsible, with Nigeria and Angola accounting for most of the shortfall in supply.

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