Out of Africa - How African Oil Exports Can Sustain Global Growth

Originally published in Oil & Gas Monitor, May 2012

Modern history has suggested that Africa, and in particular sub-Saharan Africa, has frequently been fed, subsidised and supported by the stronger economies of the US, Europe and Asia. There is evidence to suggest that those tables are turning and that Africa can be a provider of the resources required to nourish and sustain (at least in energy terms) those other economies. Starting with the demand side, it is clear to see where that appetite for energy lies. According to figures produced by BP, from the start of 2010 to the start of 2011 global energy consumption grew by close to 6%, being the highest rate of growth seen since 1973. Although much of that consumption sits in the US and Europe, China has now surpassed the US as the world's largest consumer of energy. China represents 20.3% of the world's total energy consumption, with the annual growth rate in Chinese energy consumption standing at a huge 11%. Looking at oil specifically though, North America stays at the top of the consumption table...