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Africa Needs $100 Billion in Refining Investment as Oil Demand Soars
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Why This Matters
Africa's crude oil demand is expected to double by 2050, requiring over $100 billion in refining investment to meet the growing demand driven by population growth, urbanization, and industrialization.
Market Impact
Market impact analysis based on bullish sentiment with 81% confidence.
Sentiment
Bullish
AI Confidence
81%
Article Context
Note: This is a brief excerpt for context. Click below to read the full article on the original source.
Africa’s crude oil demand is set to more than double to 4.5 million barrels per day (bpd) by 2050, which will need more than $100 billion in investment in refining over the next decades, according to the African Refiners and Distributors Association (ARDA). Thanks to population growth, urbanization, and industrialization, Africa’s crude oil consumption is expected to jump from 1.8 million bpd in 2024 to as much as 4.5 million bpd by 2050, ARDA Executive Secretary, Anibor Kragha, has said, as carried by African…
Original article published by
OilPrice.com
on December 22, 2025.
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Analysis and insights provided by AnalystMarkets AI.