RUSSIA’S invasion of Ukraine, and the sanctions that followed, has pushed the price of oil to over $100 per barrel, the highest level in eight years. But, it’s also opened an opportunity for African oil producers like Nigeria, Angola, Libya, and Algeria to cash in with more crude oil exports. But a lack of refineries in Africa means crude oil exporters will also have to pay more for imported fuels.
The Brent crude oil prices hit $105 per barrel last week, it’s highest mark since 2014 and up by 47% since December, amid fears that supplies from Russia may be impacted by crisis.
Russia accounts for a significant amount of the world’s total crude oil output between 25-30% making it the second highest producer globally.
But experts say the crisis and sanctions slammed on Russia by Europe and America could significantly impact demand for Russian products and tip the
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