Current problems and development trends of global oil markets in Asia and Africa

Global oil prices are formed based on the balance of supply and demand, determined by the rate of economic growth, the structure of energy consumption, energy efficiency, weather conditions, and competition with alternative fuels. Supply is regulated by the production volumes of key players and investment in the industry. The purpose of this study is to identify the key macroeconomic, geopolitical, and market factors influencing the development prospects of these global oil markets in Asia and Africa. The study identified key factors in the development of global oil markets in Asia and Africa: the demographic dividend, a young population, and the rapid growth of the middle class are generating colossal consumer demand; demand is also driven by the active construction of logistics centers, roads, and ports, including as part of China’s “One Belt, One Road” initiative. The methodological basis of the study was general scientific and empirical methods, systems, comparative, and economic analysis, theoretical methods followed by analysis and generalization of their results. Theoretical methods followed by analysis and generalization of the results (statistical, observational, comparative, balance, and empirical methods) were also applied. This article draws on the research of Russian and international researchers, data from international energy organizations, analytical materials and statistics, and reports and materials on the oil market from renowned global organizations. 

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