Top 10 African countries with the smallest oil reserves in 2024

We often hear about Africa’s oil giants, but less is said about the countries with smaller reserves. On a continent as diverse as Africa, with its 54 countries, not every country is blessed with abundant oil wealth.

We often hear about Africa’s oil giants, but less is said about the countries with smaller reserves. On a continent as diverse as Africa, with its 54 countries, not every country is blessed with abundant oil wealth.

In a previous article, we noted that energy is a key driver of economic growth and improved living standards, particularly in Africa.

The more energy people use, the better off their country tends to be. That is why having access to energy is crucial for a country’s success.

However, the success story isn’t always the case for oil-rich countries on the continent, as they often struggle with poor governance, corruption, and economic imbalances.

But importantly, not all African countries have access to abundant crude oil. For these countries, having small oil reserves means they are more dependent on oil imports to meet their energy demands.

This dependency can make them vulnerable to global oil price fluctuations, which can disrupt their economies and strain their finances

Countries like Ethiopia, Morocco, and Benin find themselves at the lower end of the oil reserve spectrum. Unlike other countries, these countries must navigate a different set of circumstances in managing their energy needs.

A Global Firepower report recently listed countries in the world and proven oil reserves. In Africa, Ethiopia holds the smallest amount of crude oil reserves, with just 400,000 barrels, placing it 95th globally.

Morocco follows as the second smallest with 700,000 barrels, ranking 94th. Benin comes in third, with 8 million barrels, ranking 90th.

Below are the top 10 African countries with the lowest oil reserve in 2024:

SOURCE:https://africa.businessinsider.com