OPEC Puts Africa’s Refining Investment Needs At $125 Billion Through 2050

Africa will need at least $125 billion in investment in existing and new refineries, including maintenance, through 2050, an Organisation of the Petroleum Exporting Countries (OPEC) official said at the recently concluded African Energy Week (AEW) 2026 in Cape Town, South Africa.

Abderrezak Benyoucef, Head of OPEC’s Energy Studies Department, outlined the projections during a fireside chat with Eithne Treanor, Founder and Chief Executive of ETreanor Media.

“Talking about capacity, we have also to talk about how much we get from these refineries,” Benyoucef said.

African refineries currently operate at about 55% utilisation, processing less than 3 million barrels per day (bpd).

OPEC expects the continent’s crude distillation capacity to increase by 3.2 million bpd to about 7.9 million bpd by 2050, with utilisation rising to around 80%, close to the global average.

Even so, refining capacity would remain below Africa’s oil demand, which OPEC projects will rise from 4.9 million bpd to 9.2 million bpd over the period.

Drawing on the Africa section of OPEC’s 2026 World Oil Outlook, Secretary General Haitham Al Ghais said the continent’s population would grow by about 917 million people by 2050. Its economy is projected to expand faster than that of any other region, averaging 4.4% annually.

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

Al Ghais called for greater access to financing for energy projects suited to individual countries’ circumstances.

“Africa cannot and should not be expected to forgo development opportunities, energy security and poverty eradication in response to a problem which it had very little to do with the creation of,” he said.

Benyoucef said Africa’s liquids supply stood at about 7.6 million bpd, representing roughly 7% of the global total.

OPEC expects supply from African producers outside its Declaration of Cooperation to rise from 2.3 million bpd in 2025 to 3 million bpd by 2050, although demand is projected to continue outpacing supply.

Under OPEC’s reference case, about 700 million Africans would still lack access to clean cooking by 2050. Its alternative scenarios, which assume stronger economic growth and greater investment in technology, project a lower figure.

Al Ghais also invited delegates to the 10th OPEC International Seminar, scheduled for July 7–8, 2027, at the Hofburg Palace in Vienna, where he said African issues would feature prominently in discussions.