Africa Needs $100 Billion in Refining Investment as Oil Demand Soars

Africa’s crude oil demand is set to more than double to 4.5 million barrels per day (bpd) by 2050, which will need more than $100 billion in investment in refining over the next decades, according to the African Refiners and Distributors Association (ARDA).     Thanks to population growth, urbanization, and industrialization, Africa’s crude oil consumption is expected to jump from 1.8 million bpd in 2024 to as much as 4.5 million bpd by 2050, ARDA Executive Secretary, Anibor Kragha, has said, as carried by African…