Speaking at African Energy Week 2025: Invest in African Energies in Cape Town, OPEC officials emphasized Africa’s rising energy demand, the continent’s development priorities and the need for trillions in investment to balance growth with sustainability.
OPEC officials highlighted Africa’s growing role in global energy demand and refining during a workshop at African Energy Week (AEW): Invest in African Energies in Cape Town on Monday, stressing that investment and realistic energy pathways will be essential for the continent’s development.
Presenting findings from the organization’s 2025 World Oil Outlook, Dr. Abderrezak Benyoucef, Head of the Energy Study Department at OPEC, noted that global primary energy demand is set to increase by 23% by 2050, with non-OECD countries accounting for nearly three-quarters of that growth. Africa alone is projected to add 4.2 million barrels per day (bpd) in incremental oil demand, while contributing around 3 million bpd to long-term global refining capacity.
“There are no signs of global oil demand peaking anytime soon in our outlook, and we need more investments and realistic future energy pathways,” he stated. “Africa will need more energy for economic development – not just electricity, but also to expand clean cooking access and improve health and education outcomes. LPG is one of the solutions.”
According to OPEC, oil will retain the largest share of the global energy mix through 2050, while natural gas overtakes coal as the second-largest source. Developing countries are expected to account for 75% of incremental electricity demand, underscoring the need for targeted investment in Africa’s power and downstream sectors.
Dr. Benyoucef stressed that $18.2 trillion in cumulative investments will be needed globally over the period, including $14.9 trillion for upstream oil and gas projects. “We need all energy sources, but we also need emissions reductions,” he said, calling for the scale-up of technologies like carbon capture, utilization and storage.
Dr. Sulaiman Saad, Senior Oil Demand Analyst at OPEC, outlined the macroeconomic context underpinning the outlook. “The global economy is becoming more resilient – China, the U.S. and India are pushing this momentum of growth,” he said. He warned, however, of challenges including rising sovereign debt, supply chain fragmentation and uneven industrial recovery.
On the downstream front, OPEC sees refining growth shifting toward developing economies. “The largest share of refining additions are to take place in the developing regions,” said Mohammed Attaba, Senior Downstream Oil Industry Analyst at OPEC. “The migration of refining capacities will continue from developed to developing countries – we have been observing this trend for several years now.”
*AEW
