Page 44 - Nigeriaone mag 2 edition en

Although African producers ha- is to be feared that the situation wells in order to improve the
ve been proposed to fill the gap, will quickly stabilize upon re- current economic conditions.
their internal challenges seem turn to normal, which will un- This is a long-term solution that
to work against them. In May doubtedly have an impact on is unlikely to help the European
2022, Nigeria, Africa's largest the European supply. market immediately.
producer, saw its production In March, the United States de- At a time when energy transi-
fall by 13% even though it cided to release 1 million bar- tion debates focus on finding
maintained its leadership. rels per day from its reserve to alternatives to polluting energy,
This phenomenon deserves deal with the soaring prices. the Russian-Ukrainian war defi-
special attention because Afri- However, today, the question is nitely confronts us with political
can countries are unlikely to fill whether the method was effec- realities. However, the narrative
much of the supply gap created tive. As of May 16, 2022, the ave- cannot match reality. The des-
by a boycott of Russian oil. rage price at the pump remains perate race towards the black
As a result of the outbreak of very high, $4,66. More precisely, gold continues, and this com-
the Coronavirus in China in the administration is focusing modity has become more popu-
March 2022, the price of crude on the exploitation of new oil lar than ever.
oil fell by more than 6%, but it

Reserve of oil, illustrative image

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