The African region includes the African continent and adjacent islands.
Among the regions, Africa ranks fourth in world crude oil reserves. It is the second-largest crude oil exporter and will continue to increase exports through 2015. However, developments in North America will reduce the need for African crude oil, potentially having a strong impact on the economic growth of current African exporters.
Refineries in the region have a very low complexity, and operations are at low utilization levels. Product exports (mainly to North America and Europe) consist primarily of naphtha and residual fuels because Africa’s refineries lack sufficient conversion capacity to upgrade these materials. Low refinery utilization is partially attributable to the low depth of refining, as well as poor equipment reliability and ongoing war and civil unrest in many areas.