Out of Africa

The African oil industry has seen significant changes in recent years as one of their primary export markets, the United States, has ramped up oil production and, as a result, reduced imports from Africa dramatically (in 2008, the U.S. bought 40% of West African exports).  According to the IEA, Africa produces about 7.25 Million barrels per day (Mb/d), predominantly in West and North Africa.  The largest producers are OPEC members Nigeria and Angola, with daily output of 1.66 Mb/d and 1.48 Mb/d, respectively.  This week we will take a closer look at African exports, how they have adapted and what are the likely developments for the future.  Last, but not least, how will these changes impact tradeflows and the tanker markets?

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