Low demand and competition from shale are causing problems for OPEC, but some recent trends may provide Africa’s oil-producing countries with grounds for hope.
The shale industry is increasingly acting as the price regulator for oil. This is not good news for Africa’s producers of crude.
Even if a deal brokered by Russia and Saudi Arabia to slash global oil output succeeds, there is little prospect of a return to 2014 prices.
For African economies dependent on the oil price, the future remains uncertain.
OPEC’s decision to cut oil production will benefit African producers, according to analysts.
Despite the damage wrought by low oil prices, Africa is largely ignored by the cartel.