Iran war spurs interest in African energy

Algeria agreed to increase LNG exports to Spain, part of renewed foreign interest in African energy supplies as the war in Iran sends prices soaring.

The decision came just days after Italy’s prime minister traveled to Algiers to secure greater gas supplies; Ukraine also said it would increase gas imports from Mozambique.

Though African energy producers have seen revenue bolstered by the conflict, many of the continent’s import-dependent economies have been badly hit: Tuktuk drivers in Somalia have stopped working as their margins erode, and African capitals are trying to ease fears that they may soon be running out of supplies, with some moving to punish people hoarding fuel.

The “rising prices of fuel could lead to strife on the continent,” Bloomberg said.