An error occured. Details Hide
You have unsaved pages. Restore Cancel

As crude oil prices continue to rise on the world market, many African oil-importing countries are starting to think more seriously about ways to lessen their dependence on the fuel. The worry is that continued high spending on imported oil and other petroleum products may erode the economic growth they have garnered in recent years. This makes alternative forms of energy more desirable.

Crude oil prices jumped from less than US$40 a barrel in 2004 to $80 by 2018. With expectations of increasing global demand, especially from China, experts predict that prices will continue to rise over the next few years. This bodes well for net exporting countries in the continent and COMESA is a net exporter of crude oil due to the combined effect of Libya, Egypt and Sudan. For net importer countries, however, higher world oil prices pose quite different challenges. Since countries must spend more for oil imports, they have less foreign exchange left for other essential imports. Businesses that rely heavily on energy and transportation are hit especially hard, making production more expensive and possibly leading to cutbacks and job losses. Higher energy and transport costs are also usually passed along to consumers. The prices of many other goods and services are also pushed upwards, affecting the poor most severely. 

Last updated: 

Related Dashboards

COMESA Merchandise Exports by Country

Learn more >

COMESA Merchandise Imports by Country

Learn more >

Total Exports Trade for Selected ACTESA Staples and Countries

Learn more >

Are you sure you want to delete this page?

Are you sure you want to delete this document?

Unable to delete the page because it has shortcuts referencing it at the following locations:

    Please delete these shortcuts first, then delete page itself.

    Our Privacy Statement & Cookie Policy

    Our website uses cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your personal cookie settings through your internet browser settings.

    Privacy Policy