(Agence Ecofin) – Crude oil represented 67% of Gabon’s overall exports in 2023. The country’s economy depends heavily on the oil sector. Ranked 4th producer in sub-Saharan Africa, it is home to the 6th largest proven oil deposit on the continent, with approximately 3.68 billion barrels.
Accounting for 67% of the country’s total exports, Gabonese crude oil exports reached 3,992.7 billion FCFA in 2023, down 4.7% compared to 4,190.5 billion FCFA in 2022. This is what the reports from the DGDDI (General Directorate of Customs and Indirect Duties) reveal.
China remains Gabon’s main customer in 2023 for crude oil specifies New Gabonalthough other countries such as Malaysia, Trivial and Tobago, Australia and Italy are also among the export destinations.
Despite this drop in exports, Gabon’s oil production increased during the same period. In 2023, the country produced more than 11.1 million tonnes of oil, an increase of 7.7% compared to the previous year. This increase is attributed to the satisfactory performance of the oil fields and the smooth running of operations without major incidents.
For 2024, the Gabonese authorities anticipate an increase in oil revenues, followed by a decline in 2025.
