Crude oil prices breached the $100pb threshold on February 24 as news broke that Russia invaded Ukraine. Geopolitical tensions, tight oil markets and the rebound in global activity underpin the crude oil price.
What you will learn:
African oil producers stand to benefit from higher oil prices as their fiscal positions are closely correlated to oil exports and the international oil price.
Opec+ compliance with oil production cuts reportedly rose to nearly 130% in January this year, which indicates that some members are still struggling to raise their output.
Seven African countries form part of Opec and only two (Algeria and Gabon) have been reaching or exceeding their oil production targets in recent months.