A flat market likely is in store for Africa, as well, our report notes, but with a gradual decline in oil production in 2024. Global Demand and ProductionSo, what will be driving global oil demand in the short term, absent major events like pandemics or global conflicts? This includes OPEC member nations Nigeria, Libya, Algeria, and Angola, which are expected to achieve outputs of 1.51 million bpd, 1.31 million bpd, 1.18 million bpd, and 1.01 million bpd respectively in 2024. Also driving African oil output are Egypt, Chad, and Ghana. The cartel establishes these cuts to control the global supply-demand balance and volatile market situations or irregularly high or low global oil prices.

Source: The North Africa Journal November 19, 2023 11:28 UTC