Africa’s Oil Demand Increases By 5%
By Alphonsus E.W
Africa has become the world’s leading consumer of crude oil with demand for the commodity increasing by 5% over the course of one year, according to respected business website, Ventures Africa.
Though the continent recorded a 5% increase in demand, global thirst for the energy liquid rose 1% as quoted by DHL Customer Solutions’ President for the Energy sector, Steve Harley. He added that projections show that supply is still going to climb steeply in the continent for the next quarter of a century.
According to available statistics, Nigeria and Angola still top the list of biggest oil producers in Africa even though with the recent discovery of oil in commercial quantities in East Africa, the continent is expected to experience a growth spurt as foreign direct investment keep pouring in.