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Oil prices set for biggest rise since 2009 [Business Africa]

Oil prices set for biggest rise since 2009 [Business Africa]

Business Africa

Oil prices are set for its biggest quarterly gains in ten years. An OPEC-led deal to cut output by around 1.2 million barrels per day is said to boost prices. But sources say Russia is dragging its feet to continue the pact beyond September.

Also, Africa’s demand for oil is expected to rise by 77 percent over the next 20 years, according to the BP Energy Outlook 2017. However, it is difficult to predict how the consumption between oil, gas and renewable energies will evolve, including how this will influence markets.

We speak to Mahaman Laouan Gaya, Secretary General of the African Petroleum Producers’ Organization on what is at stake.

We must also distinguish ourselves from the monopoly of oil.