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The editorial of Jean-Pierre Favennec
 May 26, 2020

The impact of the fall in crude oil prices

May 27 2020
What's new in the energy sector?

The Coronavirus crisis has led to a drastic drop in energy consumption worldwide, never seen before in peacetime. The global drop in demand over the year 2020 will be in the order of 5 to 10%. According to the IEA, the International Energy Agency, the demand for oil is expected to decrease by 8%, coal by 9% and gas by a large percentage that is still impossible to quantify precisely. It is the demand for electricity that will decrease the least, because it is a good and a service that is more and more necessary. Moreover, it is likely that the production of renewable energies will increase further in 2020. You will find enclosed a reflection on electricity consumption.

Will we soon return to "normal" consumption? Opinions differ and much will depend on the evolution of the pandemic. If this pandemic runs out of steam, we can bet on a return to 2019 consumption in the course of 2021. Of course, energy consumption is not an end in itself and the reduction of fossil fuel consumption has beneficial effects on the environment. But there is a very strong link between economic activity and energy consumption and the ideal situation would be a return of economic activity to its pre-crisis level while developing energy savings. Let's dream a little

The oil market has recovered, helped by the decision of producing countries to massively reduce extractions and by the disastrous economic situation of American shale oil producers whose production costs are very high and who have no other solution than to close some wells. It is likely that crude oil prices will remain low at least until the end of the year, which is good news for consumers but ... not for producers. Some development projects are likely to be delayed, but the world will still need hydrocarbons for some decades to come.

This will not prevent, I repeat, the development of renewable energies and the growth of solar and wind energy in Africa will remain sustained.

Our conference: the impact of falling oil prices on African economies was a great success.

More than 100 people participated in this video-conference. After the success of the conference on the impact of Chinese companies in Africa which took place on Monday 13th April (The Newsletter summarizing the presentations and debates of this conference has just been posted on the website). The presentations by Francis Perrin, James McCullagh, Djibril Kanoute, Idrissa Bodian and Fary Ndao were followed by a rich and lively debate. You will find the presentations on the site.

I would like to remind you that the next SIEPA, which was to take place on 16, 17 and 18 June in Dakar, has been postponed to 17 and 18 November if the health situation allows it. We are considering a slightly different formula for this year (held in Saint Louis with a focus on sectors that are of particular concern to the region: development of renewables, development

Best regards to all and protect yourselves

Best regards

Jean-Pierre Favennec
Président
Association pour
le Développement
de l'Énergie en Afrique

Study

 Energy in Africa in 2050

ADEA seeks your financial support, for the publication of the study « Energy in Africa in 2050 » (publised on 24 September). Please contact Jean-Pierre Favennec or Philippe Lambert.

Read study

Events

Creation of the Engineering School for Petroleum and Energy, Ivory Coast

The Institut National Polytechnique Félix Houphouët-Boigny (INP-HB) has decided, with the support of the Ministry of Petroleum, Energy and Renewable Energies (MPEER), the Ministry of Higher Education and Scientific Research (MESRS) and with the support of the highest authorities, to create the Engineering School for Petroleum and Energy which will be located in Yamoussoukro like the other schools of the Institute.

Read more

Conference

Le prix du pétrole. Impact sur les économies africaines

Conférence du 19 Mai : l'impact de la baisse du prix du pétrole sur les économies africaines.

Un grand succès avec plus de 100 participants à cette video conference. Les présentations de Francis Perrin (les raisons de la chute du prix) de James McCullagh (l’impact de la baisse du prix du pétrole sur les consommations africaines) , de Djibril Kanoute (quelles conséquences pour les projets pétroliers et gaziers), de Idrissa Bodian et Fary Ndao (impact sur la situation pétrolière en Afrique de l'Ouest) ont été suivies d'un débat riche et animé.

Les présentations sont sur le site

More informations
Conference

ADEA on the 2020 agenda

On November 17-18 2020, the 18th International Energy and Petroleum Exhibition in Africa

See the SIEPA website

Think-Tank
of Jun 15, 2020

Download the think tank report Énergie pour l'Afrique

More informations

Journal n°-23
of Jun 10, 2019
n°-23 - 2019-06-10 09:16:40

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Latifa Hanifi :  01 47 16 97 92

Previous issues

On the web

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 Sep 12, 2020
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 Sep 12, 2020
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 Sep 12, 2020
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Read in the SPTEC Advisory newsletter
 Sep 10, 2020
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