OPEC to Present Future of Africa’s Energy Industry at Invest in African Energy (IAE) 2024

Dr. Ayed S. Al-Qahtani, the Director of Research at OPEC, is set to deliver a keynote address at the upcoming Invest in African Energy (IAE) 2024 forum in Paris, highlighting the crucial role of African oil supplies in global affairs. With six OPEC member countries located in Africa, the continent is increasingly becoming a key player in global oil production discussions.

According to OPEC’s latest monthly oil report, Libya and Nigeria are Africa’s top producers, each producing around 1.2 million barrels per day. Despite Angola’s departure from the organization last year, OPEC is in talks with Namibia and other African nations that are poised to become significant oil producers in the near future.

The IAE 2024 forum, scheduled for May 14-15 in Paris, aims to facilitate investment in African energy markets by connecting industry experts, project developers, investors, and policymakers. With OPEC and its allies committed to maintaining oil supply cuts to stabilize prices, the forum will delve into Africa’s oil outlook, exploring supply, demand, and price forecasts under various energy transition scenarios.

Sandra Jeque, the Event & Project Director at Energy Capital & Power, the organizers of the forum, emphasized the importance of OPEC’s participation in leading supply discussions. She highlighted the forum’s focus on incentivizing new exploration and development of offshore discoveries in Africa, as well as ensuring market stability and showcasing Africa’s growing influence on the global energy stage.