Global Oil Price Changes, Drivers and Key Indicators With Reference To Africa Energy Security–Outlook for 2025 and Beyond

Abstract

Recent collapse in oil prices around the world from 2014–2016 and 2019/2020 has been reported as the most significant downward trend in the history of oil price glut. The COVID 19 pandemic caused additional fall to crude oil price expectedly, given the dynamics of demand and supply. Following world economic shut down, crude oil prices dipped to all time low. Global economies were heavily impacted by the crude oil price drop and Africa, which is known to be at the top of receiving end of fluctuating oil prices historically, once more suffered negative consequences. Africa energy security and sustainability becomes paramount following the continued negative impact of global oil prices change on the continent. Issues with crude oil transportation, storage and accessibility in Africa remains significant. Nigeria, whose economy is predominantly dependent on revenue from crude oil, witnessed another round of devaluation of the naira and with inflation in the negative direction due to the collapse in oil price. This paper focused on global energy security and sustainability in Africa. It explored the windows of opportunities in areas of transportation, storage and distribution of refined petroleum products and in advanced world and how Africa can adopt such methods. It looked at how Africa can take advantage of the advanced technology deployed in conventional petroleum development globally and in unconventional areas like nuclear, solar and wind energy. The results considered how Nigeria can be preserved from negative oil prices and the technologies available to boost her petroleum industry, particularly developments of unconventional resources beyond 2025 and sustainability of energy security within the polity. Suitable alternative and the sustainability of refined petroleum transportation and distribution is critical with reference to energy security in Africa.