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| | | Title | The Impact of COVID-19 on African Oil Sector: A Special Report by AFREC on the Implications on African Countries | | Author | African Energy Commission (AFREC); African Union | | Subject | COVID 19 | | Date of Publication | 20200530 | | Publisher | African Union | | Number of Pages | 23 pages | | Language | English | | Geographical Coverage | Africa | | Keywords | Oil Industry, Energy Industry | | Abstract | For African crude oil exporting countries, the expected fall in demand means that exports of crude oil in 2020 will be down by at least 10% on average compared to recent years. Prices are also expected to fall. At $40/barrel or lower, the value of African oil exports could fall to levels last seen 20 years ago. These lower prices coupled with reduced output could see Africa’s larger oil producers facing $20bn or more of lost oil value in 2020. For consuming countries, the low per capita consumption of oil for transportation in many African countries will not significantly gain from lower prices which limited by low demand and a very likely limitation on storage. This report (pdf) looks at the impact of the COVID-19 pandemic on production, revenue and demand across Africa. It does so by first examining the sector in Africa, before looking at the global economic situation and the response taken across the oil sector. It then considers the impact for Africa as a whole and for specific regions and example countries. It concludes with some possible opportunities as well as some challenges for the future. | | Copyright Holder | African Union | | Copyright URL | https://au.int | | Filesize | 432632 MB | | File Format | PDF | | [ View / download original document ] |
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