FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries . Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo
But while desperate for OPEC+, the Organization of the Petroleum Exporting Countries plus Russia, to ride to the rescue, Africa’s oil producers have little leverage over them.Although non-OPEC nations such as Britain, Norway and the United States all have relatively high-cost production, their diversified economies mean they are not dependent on oil.
“The discipline that’s going to be introduced will be a shock to the system,” said Alex Vines, head of the Africa Program at British think-tank Chatham House.Larger nations are also elbowing African producers out of incredibly competitive spot trade. And Equatorial Guinea is trying to auction new licenses and find a replacement for ExxonMobil, which wants to leave.The sudden cash crunch is also hindering the ability of Africa’s oil producers to manage growing coronavirus outbreaks and a group of African finance ministers has called for a $100 billion stimulus package to help deal with the pandemic.
Price crash likely destroy shale and minor operators; seriously smash investment in new green source. Oil rockets back... in about five years.
Huge🚨
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