According to an economic outlook published by the Gabonese Ministry of Economy, as of the end of March 2021, “Asia & Pacific remains the main destination for Gabonese crudes with 90% of exports, the rest being oriented towards Europe (10%).”

Despite the executive’s efforts to diversify the economy, oil remains the largest contributor to Gabon’s national budget. The Sub-Saharan Africa producer produced 2.49 million metric tons of oil in the first quarter of 2021.

Brent gained 21.2% to $60.90 per barrel in the first quarter of 2021 compared to the first quarter of 2020 during the period under consideration. The price of the basket of Gabonese crudes averaged $60.12 per barrel in the same period compared to 2020, up 22.3% due to the implementation of OPEC+ production quota reduction measures. During this time, the USD/FCFA exchange rate fell by 8.6% to an average of 544.165 FCFA.

Gabon produced 2.49 million metric tons of crude oil in the first quarter of 2021, down 10.6% from 2.78 million metric tons in the same period of 2020. The continuation of OPEC+ quotas, which began in the second half of 2020, explains this drop. Exports declined 6.2% to 2.206 million metric tons in the same period, compared to 2.352 million in 2020.