Why Africa Is Missing Out on The Oil Boom ...Middle East

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Why Africa Is Missing Out on The Oil Boom
source : OILPRICE ( Middle East ) () 60
Oil producers in Africa haven’t seen in the past two years the fiscal benefits from the higher energy commodity prices.  Falling legacy oil output, domestic fuel subsidies and other price control policies, changing export markets, and a lack of investments in new field developments have led to Africa’s biggest oil producers failing to capitalize on the oil price surge in 2022 and in the sustained high prices in the following years. As African oil production is on a decline, the region’s petrostates do not have the resources…

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