Africa's Oil Demand Set to Triple by 2050, ARDA Says

Africa's need for crude oil is projected to surge dramatically over the next 25 years, according to a new industry forecast. The African Refiners and Distributors Association (ARDA) states the continent will consume about 4.5 million barrels per day by 2050. This is a major increase from the current estimated demand of 1.8 million barrels per day. This growth positions Africa's downstream energy sector as a key future market. The downstream sector includes oil refining, distribution, and marketing. ARDA calls it one of the world's most significant untapped opportunities for energy investors. The forecast highlights the scale of development expected in Africa's energy infrastructure.