What the global oil crisis means for Africa?
Energy experts say the growing oil crisis across the globe is a wake-up call for the African continent to be become less dependent on foreign oil supplies. The cost of fuel has risen sharply, with Brent crude oil hitting a 14-year high in recent weeks. It remains firmly above $100 per barrel at the time of publication. With the military conflict in Ukraine, concerns have arisen around the world’s ability to meet its energy needs. The United States and the United Kingdom have banned Russian oil imports, with the European Union under pressure to follow suit. “Nobody really anticipated needing to grow significantly,” Vicki Hollub, chief executive of Occidental Petroleum said during a recent conference in Texas . “That’s the challenge now. If you didn’t plan for growth, you’re not going to be able to achieve growth today.” Regardless of the outcome, the squeeze is being felt across the globe. Some governments have decided to subsidise their citizens’ energy bills, or to reduce the cos...