OPEC to Showcase World Oil Outlook 2021 at African Energy Week in Cape Town

African Energy Week (AEW), taking place on the 9^th-12^th of November 2021, is committed to emphasizing the role that oil will continue to play in the continent’s energy future. Despite the global shift towards cleaner sources of fuel, the African continent – representing the highest number of people without access to energy – still requires oil if it is to meet its developmental goals. Accordingly, Africa’s premier energy event will present a strong case for oil, with global organizations such as the Organization of Petroleum Exporting Countries (OPEC) driving discussions.

At AEW 2021 in Cape Town, an OPEC delegation led by Secretary General H.E. Mohammad Sanusi Barkindo, will showcase the organization’s World Oil Outlook (WOO) 2021. Launched in September 2021, the 15^th edition of the WOO comprises an in-depth review of the impacts of the COVID-19 pandemic, with detailed medium- and long-term projections for the global oil and energy industry. According to OPEC, “the WOO 2021 includes analysis of the industry’s various linkages and its shifting dynamics, providing insights into energy and oil demand, oil supply and refining, the global economy, policy and technology developments, demographic trends, environmental issues and sustainable development concerns.” (https://bit.ly/3B0CW9V) Given the recent industry uncertainties due to the ongoing COVID-19 pandemic and market volatility, the WOO 2021 provides a strong base for collaborative discussions on Africa’s oil sector.

Africa’s significant oil resources may, in fact, be the solution to the continent’s energy poverty crisis. With over 600 million people without access to electricity, and over 150 million falling back into extreme poverty since the start of the pandemic, the continent requires oil exploration and production if it is to make energy poverty history by 2030. As a primary objective of AEW 2021, energy poverty alleviation will comprise a key topic and overarching discussion point across the entire conference. Accordingly, OPEC will be a major facilitator of this discussion, offering insights into how the continent can leverage its oil resources to increase energy access and drive socio-economic growth.

“OPEC represents one of the world’s most influential energy organizations. Led by H.E. Mohammad Barkindo, the OPEC delegation will be critical participants at the event, driving the discussion on Africa’s energy future and the role that oil will play. Showcasing the WOO 2021 in Cape Town will be huge for African stakeholders, as the report will offer critical insights into the industry and its challenges. AEW 2021 is set to be transformative for Africa’s energy sector and with high level delegations such as OPEC playing an instrumental role, the event is well positioned to drive investment, development, and progress across the entire continent,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).    

OPEC will present the WOO 2021 on day two of Africa’s premier energy event at a dignitary talk on the development of the African petroleum market. The presentation will offer African and global stakeholders’ valuable insight into the report and its findings. Serving as an insightful reference tool, the WOO 2021 is not a predication of the global oil market, but rather, emphasizes the organization’s commitment to knowledge sharing and transparency. At AEW 2021, the WOO 2021 will be used as a critical starting point for enhanced dialogue and cooperation.

AEW 2021, in partnership with South Africa’s Department of Mineral Resources and Energy DMRE, is the AEC’s annual conference, exhibition and networking event. AEW 2021 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.

Distributed by APO Group on behalf of African Energy Chamber.

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