Excellencies, esteemed delegates, ladies and gentlemen,

Allow me at the outset to apologize for not being able to be with you in person in Cape Town, due to conditions that have prevented me from flying out to be with you.

I wish everyone every success for this amazing conference, one that I have been to every year and I hope that I will be with you in 2027.

I would like to welcome you all to the OPEC-Africa Roundtable: Africa’s Role in Long-Term Global Energy Markets.

It is a pleasure to be joined by Their Excellencies, the Ministers, representing so many OPEC Member Countries.

OPEC is extremely proud of its unique relationship with the African continent.

Half of our Member Countries are African, namely, Algeria, Congo, Equatorial Guinea, Gabon, Libya, and Nigeria.

And throughout our history, dedicated African men and women have served as employees and leaders in our Organization with distinction, including many of my predecessors as Secretaries General.

Africa has made an important contribution to making OPEC the reputable, dependable, highly regarded Organization that it is today.   

The idea for our Organization was conceived in Africa, specifically Cairo, Egypt. It was at the Maadi Yacht Club in 1959, that the Gentleman’s Agreement was forged which paved the way for the establishment of OPEC in Baghdad in September 1960.

Many of the most significant meetings in the 66-year history of our Organization took place in African cities. From the 9th Meeting of the OPEC Conference in Tripoli in 1965, critical meetings and conferences have been held in Algiers – including our first ever Heads of State Summit – Oran, Lagos, Abuja, Luanda, and Libreville. We hope this expands in the future.

Aside from the African countries who are OPEC Members, two African countries have joined the historic ‘Declaration of Cooperation,’ between OPEC and 10 non-OPEC producing countries, namely Sudan and South Sudan.

Africa is therefore part of OPEC’s past, its present and its future.

An important aspect of this is Africa’s role in the future of the oil industry itself. This is one of the most dominant themes of the 2026 edition of OPEC’s World Oil Outlook 2050.

Our flagship publication presents OPEC’s medium to long-term projections for the global economy, oil and energy demand and other factors pertaining to the industry.

This year’s WOO contained a dedicated section on Africa, with many key findings highlighting the continent’s significance.

First are the demographic changes with profound significance.

The continent’s population will continue to rise steadily in the decades ahead. With a projected net addition of around 917 million people by 2050, Africa’s share of the total global population rises to slightly more than 25% by the end of the outlook period.

I emphasise this point because human capital is any country’s most valuable resource. This continent shines with promise given the skills, ingenuity, resilience and aspirations of a young and dynamic population.

Turning to another of the continent’s great resources, energy, there are further grounds for optimism.

Africa holds an estimated 120 billion barrels of proven crude oil reserves and around 18 trillion cubic metres of proven natural-gas reserves.

Africa’s GDP is expected to grow strongly, with average annual growth of 4.4% between 2025 and 2050. It is set to be the only region to witness a continued acceleration in growth over the outlook period.

All sources of energy will be required to meet Africa’s increasing demand over the long term. Energy demand is expected to increase from 17.5 million barrels of oil equivalent per day to 29.3 mboe/d by 2050.

For oil, the continent is set to account for one of the largest increases in demand of any region in the forecasting period, registering a rise of around 4.3 mb/d seen in 2025 to 9.2 mb/d in 2050.

Africa’s role in world oil supply is forecast to increase as the continent focuses on expanding exploration and production activities, with OPEC Member Countries leading the way.

Furthermore, Africa’s projected refinery capacity additions are set to be significant, with distillation capacity forecast to increase by 3.2 mb/d.

When considering Africa’s role in the future of the energy industry, due regard must be given to tackling energy poverty.

Over 900 million people in Sub-Saharan Africa currently lack access to clean cooking fuels and technologies – equivalent to around 79% of the region’s population. About 655 million people globally lack access to electricity, and about 85% of the global total reside in Sub–Saharan Africa.

All forms of energy will be necessary to tackle these issues.

It is also important to recognize that Africa is responsible for just 3-4% of cumulative greenhouse gas emissions.

Given these facts, Africacannot and should not be expected to forgo development opportunities, energy security and poverty reduction in response to a problem to which it has contributed very little. African countries need greater access to finance for a full range of energy solutions suited to individual national circumstances.

The UNFCCC principle of common but differentiated responsibilities and respective capabilities (CDBR-RC) recognizes that climate action must be grounded in equity. All countries have a role to play, but expectations and burdens cannot be detached from historical responsibility, developmental needs, energy realities and financial capacity.

In summary, we have much to discuss. These are topics of vital importance not only in Africa, but for the global industry.

I would also like to conclude by taking this opportunity to invite you to continue our discussion at the 10th OPEC International Seminar, which will take place at the Hofburg Palace in Vienna, Austria, on the 7th and 8th of July 2027, under the theme ‘Navigating Towards a Stable Energy Future’. African matters will be a major component of our discussions.

Thank you.