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Thursday, March 19, 2015
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African Fuel Demand Keeps Growing Despite Adverse Conditions Says CITAC Africa Report
“We need not have worried. Albeit at a slightly slower rate, African oil products demand growth remained strong across all regions.” And it will continue growing by at least 3.2% per year by 2025, says Elitsa Georgieva, Consulting Director of CITAC, the UK-based, independent consultancy focusing on the downstream African Energy market.
Every March, at the annual CITAC Downstream African Workshops, this year in Cape Town, CITAC Africa is the first to announce the previous year’s industry data – and forecasts petroleum products supply and demand across Africa.
And for the last few years, the numbers have been joyously confirming African economic growth as the “Africa is Rising” story is confirmed. But this year, as Georgieva explains, “we were nervous that demand might be hit by the Ebola and political crises in West Africa, turmoil in North Africa and slowing economies in Kenya and South Africa.”
CITAC reports that African oil products demand grew by 4.8% year on year in 2014 – comprising 4% in North Africa and 5.2% in Sub-Saharan Africa, and CITAC Africa is now forecasting African oil products demand to grow by at least 3.2% per annum to 250mn mt per year by 2025, up from 176mn mt in 2014.
Clean products shortfall ( the difference between refinery output and demand) is expected to rise to nearly 110mn mt/yr by 2025, resulting in ever-increasing requirements for fuel imports.
Detailed analyses of individual countries’ 2014 supply/demand balances and 2025 forecasts for demand are available through client access to CITAC Africa’s Downstream Database (ADD+). This industry-leading tool provides unrivalled insight into the latest trends in the African downstream oil sector.
For further details, please contact Elitsa Georgieva ([email protected]) or James McCullagh ([email protected]), telephone: +44 20 7343 0014. www.citac.com
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