Downstream operations buoyed by $30b investment, demand | The Guardian Nigeria News - Nigeria and World News

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African Refiners and Distributors Association says Africa’s downstream sector has been injected with $30 billion in investment, as the continent is one of the few regions where oil demand is expected to grow steadily for the next two decades. ICYMI

This investment is most evident in countries such as Nigeria, South Africa, Morocco and Angola, the ARA said in a statement after the conclusion of its annual event in Cape Town this week.Besides, US President Donald Trump has again urged OPEC to increase oil supply, saying prices were “getting too high,” after WTI crude futures have hovered near $60/b for the past two weeks.

It was Trump’s 12th tweet about oil prices since becoming president.The WTI Crude dropped by 0.57 per cent to $58.84; Brent dropped to $66.58 while Nigeria’s Bonny Light dropped by 0.29 per cent to $68.24 as at 4:38pm local time.Indeed, Africa’s population and economic output is set to boom in the coming decades, supporting energy demand, while elsewhere in the world energy demand is maturing.

 

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