…Toward new imperatives for natural resource diversification   Humanity is witnessing some of the most profound changes seen since the Great Depression. And, again, it is the vulnerable among us who will suffer the worst consequences. We are out on a limb, witnessing the most disruptive global transformational mutations observed in...
The oil market appeared to have weathered the storm of the 2015 price collapse and had responded with considerable accomplishments. By November 2017, domestic crude oil production had recorded its highest level in U.S. history. International trade in crude oil and petroleum products was booming with exports of 6.6...
The impacts of the current crisis are wide and affecting both Africa’s most promising exploration prospects, but also its multi-billion-dollar landmark projects. The double crisis of the COVID-19 pandemic and the collapse in oil prices is taking a toll on African economies and the African energy industry. An unstable and...
U.S. output set to drop significantly after negative prices Oil refiners to curtail processing as fuel demand remains weak Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great...
Oil resumed its decline to trade near US$15 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output. Futures in New York slid as much as 11.8%, snapping a four-day gain. While U.S. drilling is sliding and Saudi Arabia has started reducing output ahead of...
May seem that the worst-case scenario has already come to pass, as United States crude prices plunged far below zero on Monday, with the West Texas Intermediate crude benchmark closing out the day at negative $37.63 per barrel and the international Brent Crude benchmark hitting an 18-year low. While...
The oil majors are facing a financial vice like they never have before. With oil prices hovering around $20 per barrel and no end in sight for the global pandemic, the financial pain has only just begun. Norway’s Equinor became the first large oil company to cut its dividend, slashing it...
The West Africa Gas Pipeline Company (WAPCo) has assured of reliable gas supply in the country even in the face of the disruption caused by the Coronavirus pandemic. While the gas supplier admitted to challenges being encountered in moving technical staff from one place to the other, it said it...
Tullow to use money to reduce $2.8 bln debt burden Targets divestments of at least $1 bln this year Total says pleased to acquire fields for less than $2/bbl Total has agreed to buy Tullow Oil’s entire stake in jointly-held onshore oil fields in Uganda for $575 million, Tullow...
This year, as the world celebrates World Earth Day on the April 22, 2020, Fairtrade Africa highlights its stakeholder collaboration towards climate action. Environmental degradation and climate change in the last couple of decades have reached alarming levels and global action is urgently needed to mininise the impact on...