Global oil demand is projected to hit 102 million barrels per day in 2023, rising to 104 mb/d in the mid 2030’s and then declines very slightly by 2050. Natural gas demand will grow to around 4,500 billion cubic metres (bcm) in 2030 and to 5,100 bcm in 2060. By the end of 2023, the crude oil market will generate US$2,872.71 million, rising to US$3,641.18 million in 2028 at a compound annual growth rate (CAGR) of 4.59% between 2023 and 2028.

A number of countries in Africa have had oil discoveries. Some are already at the production stage, others have signed up agreements for crude oil pipeline construction. The oil and gas sector is complex, combining upstream, midstream and downstream activities.

While the entire oil and gas supply chain must first be contextualized, final markets where the oil and gas products will end must be analysed and carefully assessed. This requires that, in the first instance, a clear understanding of the structure of the oil and gas sector is understood, oil and gas market structure is demystified and drivers of oil and gas prices around the world understood. Which markets exist for oil and gas products? What are their attributes? How are they organized? What drives prices for oil and gas? What are the bi-products of the oil and gas sector and what markets exist for the bi-products?