Impact Of Low Oil Prices On Oil Producers In Sub-Saharan Africa

The commercialization and exploitation of petroleum has greatly promoted the formation and development of industrial society and modern civilization.In today's world,our daily production and life are all dependent on oil.International oil prices have soared as a result of limited oil resources and uneven distribution of oil resources.The price of Brent Crude Oil has plunged since the second half of 2014,as new technology breakthroughs in US shale gas and slowing global demand.The price of oil has fallen almost half from $147.27 per barrel to the current $60-$70 per barrel.The sharp fall in crude prices has not only affected the traditional oil-producing region,but has also affected the emerging petroliferous region.Africa is one of the world's six largest oil-producing regions.According to data from the BP World Energy Statistics Yearbook,128 billion barrels of oil were found in Africa at the end of 2016,accounting for 7.5% of the world's recoverable reserves.Africa has become the fastest-growing area of oil reserves and oil production in recent years,known as "the second gulf region".The oversupply of crude oil has continued,and Africa's oil and gas industry is not immune to global glut.This paper selects the sub-Saharan oil-producing countries as the research object.First,the overall situation and characteristics of the current energy market downturn are discussed.Then it combs the general influence of low oil price on oil exporting countries and oil importers.Second,with three different types of oil producing countries(Nigeria,Angola and Gabon)as the main objects,the paper probes into the specific effects of low oil prices on these oil-producing nations with investment,output,export volume and DGP thses four dimensions as the main targets.This will not only enrich the content of African Energy Economics,but also provide a background outline for development of the Belt and Road.