Middle East & Africa: Trade
Rising LNG exports from the north and west of Africa will drive growth in supplies from the MEA region in 2017 and 2018.
The agreement between OPEC and some non-OPEC countries to cut oil output is proving to be a blessing in disguise for Nigeria, Equatorial Guinea and Angola – West Africa’s three LNG exporters. The production cap means Angola and Equatorial Guinea need less gas for enhanced oil recovery, which in turn has freed up more supplies for export as LNG. Meanwhile, a combination of the OPEC agreement and low oil prices has put the three countries under pressure to boost their export revenues from other hydrocarbons – and LNG is providing them with an opportunity to do so.