Africa is expected to be one of the fastest growing sources of oil demand growth in the world over the medium and long term. Opec’s 2024 World Oil Outlook forecasts its demand growing by 4.4mn b/d out to 2050. Starting from 2030 its demand growth will be second only to India. Eying this trend, GCC states have been buying strategic stakes in oil infrastructure in recent years and ramping up exports to eastern and southern Africa.
GCC refined oil export flows to Africa have been transformed since 2020. Exports to the continent previously averaged around 660,000 b/d, according to data intelligence firm Kpler. But, from 2021 onwards this grew dramatically and surpassed 1mn b/d for the first time in 2022 with the completion of refinery upgrades in Kuwait. (CONTINUED – 869 WORDS)
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