Oilman urges dear oil for West, cheap for Africa

Africa oil producers should consider creating a two-tier pricing system that would raise prices for Western customers and lower them for poor African consumers, a Namibian energy executive said on Monday.

Joe Vatanavi Mazeingo, managing director of Namibian state-owned oil company NAMCOR, added in a Reuters interview that African oil producers should follow the example of Hugo Chavez, President of OPEC member Venezuela, who provides cheap oil to impoverished Latin American neighbours.

..He said the creation of an Africans-only exporting group would encourage Africans to build their own national oil firms and possibly also reduce the involvement of Western majors in their oil sectors, just as Middle East producers did in the 1970s and 1980s.

Reuters