Letter from Paris: Do not underestimate ‘Afripec’

Make no mistake, Africa has a crucial and increasingly important role within OPEC, even given its relatively small production volumes and the departure of Angola

The importance of Africa to OPEC was in clear evidence at the Invest in African Energy event in Paris in May. OPEC Secretary General Haitham al-Ghais sent out a strong message around the crucial partnership that was backed up by a team of experts talking up the role of hydrocarbons in Africa’s long-term future.  The conclusion is clear: Africa will likely rinse every last drop of oil from its continent for production and continue consuming when others become too squeamish because of climate goals. Ghais did not mince his words. “OPEC is here today in Paris in full force because we are an integral part of Africa, and Africa is an integral part of OPEC.” By 2045, the continent’s oil demand is