African oil producing countries and the global oil market in the 21st century
Author(s): Bailey Saleh
Abstract: The discovery of petroleum oil on the Africa continent for the past six decades has seen to high intensity of extraction activities in African oil producing countries; where much of their crude petroleum oil were exported and the proceeds served as major foreign revenue earners for them. Even with the building of refineries and petroleum-related industries by some countries, they found themselves as major importers of refined oil and petroleum products because of their sub-optimal performances. Overdependence on imported refined oil and petroleum products by these African countries portend great dangers for their domestic economies because when the home countries of foreign refiners/processors encounters social, political and economic problems that inhibits refining/processing activities, it in turn generates scarcity of the product in the domestic environments of the African countries. The inability of refineries/factories of African countries to meet up with the continent’s local consumption needs and of generating more employment and empowerment for citizens informs the motivation for this study. The study is a qualitative one where data was generated through secondary sources such as academic journals, bulletins, textbooks, scholarly papers, and internet materials.