Dr. Abderrezak Benyoucef, Head of the Energy Studies Department at the Organization of the Petroleum Exporting Countries (OPEC), addressed delegates at African Energy Week (AEW) 2026 in Cape Town, South Africa.
The conference ran from 12 to 16 October 2026 at the Cape Town International Convention Centre (CTICC).
Benyoucef participated in a panel discussion titled “OPEC-Africa Session: Africa’s Role in Long-Term Global Energy Markets“.
He presented findings from OPEC’s 2026 World Oil Outlook (WOO), outlining the continent’s projected energy trajectory.
Demand for all energy sources is expected to grow in the medium to long term, with oil remaining the cornerstone of Africa’s energy landscape.
OPEC Projects Oil Will Account for 30% of Africa's Energy Mix
Oil demand in Africa is projected to reach 9.2 million barrels per day (mb/d) by 2050, up from 4.9 mb/d in 2025.
Global primary energy demand is set to increase by 23 per cent by 2050, with non-OECD countries accounting for nearly three-quarters of that growth.
Benyoucef stressed that 18.2 trillion United States (US) dollars in cumulative investments will be needed globally, including 14.9 trillion US dollars for upstream oil and gas projects.
“There are no signs of global oil demand peaking anytime soon in our outlook, and we need more investments and realistic future energy pathways,” he said.
Africa alone is projected to add 4.2 million barrels per day (bpd) in incremental oil demand.
The continent is also expected to contribute around 3 million bpd to long-term global refining capacity.
OPEC’s 2026 World Oil Outlook projects 17.7 trillion US dollars in cumulative oil-related investment from 2026 to 2050, averaging over 700 billion US dollars per year.
Within Africa, upstream capital expenditure is expected to reach 41 billion US dollars in 2026.
