A Nigerian oil regulator says Africa could help solve a growing global fuel shortage caused by rising tensions in the Middle East.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, said the crisis has reduced global oil supply by about 10 million barrels per day.

She explained that because oil production is dropping in places like Europe and North America, attention is now shifting to Africa, which still has large untapped oil and gas reserves.

Africa is estimated to hold about 125 billion barrels of oil and 625 trillion cubic feet of natural gas, making it a major possible source of future supply.

She said countries in Africa, including Nigeria, are trying to attract more investors so they can produce more oil and gas and help meet global demand.
In Nigeria, she said recent government reforms have made the oil sector more attractive to investors again, after years of low investment.

She added that several big oil projects are now moving forward, and the country is also opening up new oil fields for companies to bid for.

According to her, the main challenge is not lack of oil, but the money and infrastructure needed to extract and process it.