United States to import 25 pct of its oil from Africa by 2015

24 March 2006

Cape Town, South Africa, 24 March – The United States will import a quarter of its oil from Africa by 2015, according to projections for the US National Commission on Energy Policy (NCEP), according to a report presented Friday.

The NCEP report, presented by senator Rodney Ellis at a conference in Cape Town, also points to around US$10 billion per year being invested in the period, particularly in Angola and Nigeria, to boost the US’s presence in oil production in the region.

African oil imports currently account for 16 percent of total US oil imports, with the largest amount arriving from the Middle East, but the US aims to balance out this discrepancy.

“We have to make the effort to diversify world oil resources and reduce our dependence on a restricted number of countries,” said the democratic senator for Texas at the Oil Africa2006 conference.

According to Ellis, “African oil reserves offer political advantages that do not exist anywhere else in the world,” namely security, as most wells are located offshore.

In 2004 the US imported 10 million barrels of oil per day and 2.8 million barrels of oil products.

Also according to the NCEP report, the temporary cut of just 4 percent of current world oil production could make prices double, given the current low availability of the product. (macauhub)