Top 5 African countries that produced the most oil in May 2025
Oil production remains a key revenue source for several African nations, significantly impacting their GDP.
OPEC's May report highlights a monthly decline in oil prices, including ORB, ICE Brent, and NYMEX WTI contracts.
Global economic growth forecasts for 2025 and 2026 remain steady at 2.9% and 3.1%, respectively.
According to the latest OPEC report, the month of May saw the OPEC Reference Basket (ORB) fall by $5.36, or 7.8%, month on month (m-o-m), to $63.62/b.
Additionally, the ICE Brent front-month contract fell by $2.45, or 3.7%, month on month to average $64.01/b, while the NYMEX WTI front-month contract fell by $2.02, or 3.2%, to $60.94/b.
'The global economy maintained a stable growth trajectory, supported by healthy 1Q25 growth and tentative progress in US trade negotiations,' the report stated.
'The global economic growth forecasts remain unchanged at 2.9% for 2025 and 3.1% for 2026,' it added.
According to last month's estimate, the global oil demand growth prediction for 2025 is still 1.3 mb/d, year-over-year (y-o-y). A few small revisions were made, mostly to the 1Q25 real data.
In 2025, the OECD expects oil consumption to increase by around 0.2 mb/d, whereas non-OECD demand is expected to increase by over 1.1 mb/d.
In contrast, the supply of non-DoC liquids is expected to increase by around 0.8 mb/d, year over year, in 2025, according to the same prediction made last month.
Argentina, Canada, Brazil, and the United States are anticipated to be the primary growth engines.
The report also notes that for the second half of the year, supply output in Africa and some Asian markets is projected to experience very significant declines.
However, some African countries are still churning out decent amounts of crude.
With that said, here are the African countries with the highest oil production last month in thousand barrels per day (tb/d), according to OPEC's latest report.
Save Congo, all other African countries on the list experienced an increase in oil-production compared to last month.
Top 5 African countries that produced the most oil in May 2025
Rank Country DoC crude oil production based on secondary sources, tb/d Change between May and April
1. Nigeria 1,544 22
2. Libya 1,302 36
3. Algeria 921 9
4. Congo 253 -6
5. Gabon 233 12
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A transcript of the conference call will be posted to the website. Disclosure Information CoreWeave uses its investor relations page ( its X account (@CoreWeave), and its LinkedIn page ( to disclose material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these websites, in addition to following CoreWeave's press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts. About CoreWeave CoreWeave, the AI Hyperscaler™, delivers a cloud platform of cutting-edge software powering the next wave of AI. The company's technology provides enterprises and leading AI labs with cloud solutions for accelerated computing. Since 2017, CoreWeave has operated a growing footprint of data centers across the US and Europe. CoreWeave was ranked as one of the TIME100 most influential companies and featured on Forbes Cloud 100 ranking in 2024. Learn more at Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our market opportunity and future growth; market trends; demand for our platform; the expected timing of the completion of our new data center campus in Kenilworth, NJ; other estimated of other amounts included in our revenue backlog figure; our plans to scale our platform; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, copies of which may be obtained by visiting our Investor Relations website at or the SEC's website at Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Additionally, the forward-looking statements in this press release do not include the potential impact of any acquisitions that may be announced and/or completed after the date hereof. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. 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A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. CoreWeave encourages investors to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate CoreWeave's business. COREWEAVE, INC. 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CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) June 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 1,152,883 $ 1,361,083 Restricted cash and cash equivalents, current 560,173 37,394 Accounts receivable, net 1,933,698 416,526 Prepaid expenses and other current assets 299,229 101,246 Total current assets 3,945,983 1,916,249 Restricted cash and cash equivalents, non-current 340,527 637,356 Restricted marketable securities, non-current — 29,308 Property and equipment, net 16,631,510 11,914,774 Operating lease right-of-use assets 3,380,201 2,589,547 Intangible assets, net 205,895 4,909 Goodwill 812,970 19,544 Other non-current assets 924,277 720,912 Total assets $ 26,241,363 $ 17,832,599 Liabilities, Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders' Equity (Deficit) Current liabilities Accounts payable $ 1,226,579 $ 868,259 Accrued liabilities 1,411,237 355,821 Debt, current 3,627,664 2,468,425 Deferred revenue, current 951,346 768,927 Operating lease liabilities, current 279,080 213,104 Finance lease liabilities, current 60,396 57,801 Other current liabilities 53 230,244 Total current liabilities 7,556,355 4,962,581 Debt, non-current 7,423,837 5,457,915 Derivative and warrant liabilities 698 200,089 Deferred revenue, non-current 3,896,173 3,294,977 Operating lease liabilities, non-current 3,168,392 2,388,912 Finance lease liabilities, non-current 3,112 34,120 Deferred tax liabilities, non-current 245,659 149,232 Other non-current liabilities 126,331 36,260 Total liabilities 22,420,557 16,524,086 Commitments and contingencies Redeemable convertible preferred stock and redeemable common stock Redeemable convertible preferred stock — 1,722,111 Redeemable Class A common stock 1,163,159 — Stockholders' equity (deficit) Preferred stock — — Class A common stock 2 1 Class B common stock 0 0 Class C common stock — — Treasury stock (33,524 ) (33,524 ) Additional paid-in capital 4,772,825 1,096,160 Accumulated other comprehensive income (loss) (271 ) — Accumulated deficit (2,081,385 ) (1,476,235 ) Total stockholders' equity (deficit) 2,657,647 (413,598 ) Total liabilities, redeemable convertible preferred stock, redeemable common stock, and stockholders' equity (deficit) $ 26,241,363 $ 17,832,599 COREWEAVE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash flows from operating activities: Net loss $ (290,509 ) $ (323,021 ) $ (605,150 ) $ (452,269 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Depreciation and amortization 559,481 164,460 1,002,978 243,970 Non-cash lease expense 77,244 26,925 144,113 42,015 Amortization of debt discounts and issuance costs and accretion of redemption premiums 29,036 7,547 66,727 15,605 Loss (gain) on fair value adjustments — 310,231 (26,837 ) 407,731 Stock-based compensation 145,005 7,660 328,978 15,849 Deferred income taxes 46,267 28,521 90,884 43,207 Other non-cash reconciling items 17,409 (2,962 ) 40,132 (3,848 ) Changes in operating assets and liabilities, net of effect of business acquisition: Accounts receivable (865,946 ) (235,076 ) (1,504,696 ) (180,748 ) Prepaid expenses and other current assets (110,519 ) (21,592 ) (120,448 ) 1,636 Accounts payable and accrued expenses ... (351,500 ) 182,553 (289,173 ) 697,848 Deferred revenue 758,796 84,916 742,892 1,524,487 Lease liabilities (59,342 ) (14,889 ) (110,451 ) (20,708 ) Other non-current assets (206,673 ) (333,097 ) 49,968 (413,561 ) Net cash provided by (used in) operating activities (251,251 ) (117,824 ) (190,083 ) 1,921,214 Cash flows from investing activities: Purchase of property and equipment, including capitalized internal-use software (2,452,992 ) (2,247,161 ) (3,860,351 ) (3,989,096 ) Sale of available-for-sale marketable securities — 840 — 840 Maturities of marketable securities — 47,822 29,308 47,822 Purchase of restricted marketable securities — — — (29,308 ) Purchase of strategic investments — (50,000 ) — (50,000 ) Sale of warrants received as lease incentive 100,645 — 100,645 — Business combination, net of cash acquired (45,706 ) — (45,706 ) — Issuance of notes receivable (18,000 ) — (73,000 ) — Other investing activities (26,109 ) (1,433 ) (26,109 ) (1,433 ) Net cash provided by (used in) investing activities (2,442,162 ) (2,249,932 ) (3,875,213 ) (4,021,175 ) Cash flows from financing activities: Proceeds from issuance of debt 3,647,767 889,894 4,432,723 1,821,541 Repayments of debt (1,303,763 ) (69,460 ) (1,574,867 ) (74,416 ) Payment of debt issuance costs (36,536 ) (3,479 ) (36,536 ) (3,479 ) Issuance of redeemable convertible preferred stock, net of issuance costs — 1,147,476 — 1,172,476 Redeemable convertible preferred stock cash dividends paid (2,592 ) — (28,693 ) — Proceeds from exercise of stock options 1,744 597 4,538 642 Proceeds from initial public offering, net of underwriting discounts and commissions — — 1,422,619 — Issuance of common stock, net of underwriting discounts and commissions 67,669 — 67,669 — Payment of tax withholdings on settlement of RSUs and RSAs (116,873 ) — (132,558 ) — Deferred offering costs paid (10,893 ) — (27,763 ) — Other financing activities (17,343 ) (24,739 ) (44,086 ) (56,980 ) Net cash provided by (used in) financing activities $ 2,229,180 $ 1,940,289 $ 4,083,046 $ 2,859,784 Net increase in cash, cash equivalents, and restricted cash $ (464,233 ) $ (427,467 ) $ 17,750 $ 759,823 Cash, cash equivalents, and restricted cash—beginning of period 2,517,816 1,667,365 2,035,833 480,075 Cash, cash equivalents, and restricted cash—end of period $ 2,053,583 $ 1,239,898 $ 2,053,583 $ 1,239,898 Reconciliation of GAAP to Non-GAAP Results Reconciliation of Net Loss to Adjusted EBITDA (in thousands, except percentages) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (290,509 ) $ (323,021 ) $ (605,150 ) $ (452,269 ) Depreciation and amortization 559,481 164,460 1,002,978 243,970 Interest expense, net 266,966 66,766 530,801 107,422 Stock-based compensation 145,005 7,660 328,978 15,849 Provision for (benefit from) income taxes 47,775 40,151 93,811 55,550 Acquisition related costs(1) 29,474 — 35,604 — Other expense (income), net (5,023 ) (16,406 ) (886 ) (23,866 ) (Gain) loss on fair value adjustments(2) — 310,231 (26,837 ) 407,731 Adjusted EBITDA $ 753,169 $ 249,841 $ 1,359,299 $ 354,387 Revenue $ 1,212,788 $ 395,371 $ 2,194,420 $ 584,055 Net loss margin (24 )% (82 )% (28 )% (77 )% Adjusted EBITDA margin 62 % 63 % 62 % 61 % (1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business. (2) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2025 for additional information. Reconciliation of Operating Income to Adjusted Operating Income (in thousands, except percentages) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating income (loss) $ 19,209 $ 77,721 $ (8,261 ) $ 94,568 Stock-based compensation 145,005 7,660 328,978 15,849 Acquisition related costs(1) 29,474 — 35,604 — Amortization of acquired intangibles(2) 6,100 — 6,100 — Adjusted operating income $ 199,788 $ 85,381 $ 362,421 $ 110,417 Revenue $ 1,212,788 $ 395,371 $ 2,194,420 $ 584,055 Operating income (loss) margin 2 % 20 % 0 % 16 % Adjusted operating income margin 16 % 22 % 17 % 19 % (1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business. (2) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted operating income (loss). Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant. Reconciliation of Net Loss to Adjusted Net Loss (in thousands, except percentages) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (290,509 ) $ (323,021 ) $ (605,150 ) $ (452,269 ) Stock-based compensation 145,005 7,660 328,978 15,849 Acquisition related costs(1) 29,474 — 35,604 — Amortization of acquired intangibles(2) 6,100 — 6,100 — Loss on extinguishment of debt(3) 8,487 — 10,305 — (Gain) loss on fair value adjustments(4) — 310,231 (26,837 ) 407,731 Other adjustments(5) (10,690 ) — (10,690 ) — Income tax effect related to the above adjustments(6) (18,673 ) — (18,673 ) — Adjusted net loss $ (130,806 ) $ (5,130 ) $ (280,363 ) $ (28,689 ) Revenue $ 1,212,788 $ 395,371 $ 2,194,420 $ 584,055 Net loss margin (24 )% (82 )% (28 )% (77 )% Adjusted net loss margin (11 )% (1 )% (13 )% (5 )% (1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business. (2) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted net loss. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant. (3) Primarily relates to accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO. (4) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2025 for additional information. (5) Primarily relates to a gain on the sale of warrants received as a lease incentive. (6) In the second quarter of 2025, we began including an adjustment for the income tax effect related to our non-GAAP adjustments. Prior period non-GAAP calculations for the income tax effects on our non-GAAP adjustments are not being adjusted as these amounts were not material. View source version on Contacts Investor Relations contact:Investor-Relations@ / Media contact:Press@ / Sign in to access your portfolio
