More than $100 a barrel. It has been eight years since the price of crude oil has risen this high. An escalation triggered by the war in Ukraine, which then provoked a cascade of Western sanctions against Russia and has led to fears of a significant drop in sales by the world’s second-largest exporter, which is increasingly cut off from international markets.
Some traders are now hypothesising the cost of a barrel could reach $200 this year, if the EU decides to boycott its eastern neighbour and if the Organisation of Petroleum Exporting Countries (OPEC) insists on maintaining its production at current levels. Such a price has never been seen, even during the 2008 financial crisis.
Disparities between producers and importers
The consequences for Africa are numerous and sometimes contradictory. African economies are still heavily dependent on oil, both for the transport of people and
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