SEATTLE (Oil Monster): The recently released OPEC World Oil Outlook 2025 report states that Africa is seen reshaping its position in the global oil market. The continent is on track to expand its refining capabilities, driven by rising domestic consumption. The region’s crude consumption is projected to nearly triple by 2050, the report said.
Through 2035, OPEC expects African oil and condensate exports to stay relatively stable at about 5.2 million barrels per day (bpd). By 2050, this is predicted to decrease to 4.2 million bpd, primarily due to an expected increase in domestic consumption. By 2050, the region's internal crude demand is expected to increase from 1.8 million barrels per day in 2024 to 4.5 million barrels per day.
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The analysis projects that the region's petroleum exports to Europe will reach a peak of 3 million barrels per day in 2030 and then fall to 2.3 million barrels per day by 2050. By 2045, commerce with the United States and Canada is expected to decline significantly from its present levels of 400,000 barrels per day to 100,000 barrels per day, primarily as a result of increased competition from producers in Latin America. On the other hand, it is anticipated that by 2040, African exports to the Asia-Pacific area will reach 2.2 million barrels per day.
The African Energy Week (AEW) 2025, which will take place at the end of September this year, is expected to highlight the recent good improvements in the region's energy sector.
