Oil prices fell for a third day on Thursday, dragged down by a larger-than-expected crude and gasoline stock build in the U.S. and easing supply concerns. Brent futures fell 43 cents, or 0.50%, to $85.39 a barrel at 0623 GMT, while U.S. West Texas Intermediate crude retreated 53 cents, or 0.63%, to $82.96 a barrel. Both benchmarks have given back most early-week gains after falling more than 2% in the previous session. U.S. crude oil
Angola may slow the removal of fuel subsidies to avoid a repeat of protests in June over a near-doubling in petrol prices in which at least five people were killed, the southern African country’s finance minister said on Monday. No decision has been made yet in ongoing internal discussions on whether to extend the end-2025 deadline for phasing out the subsidies, Vera Daves de Sousa told Reuters in an interview on the sidelines of the
The Canadian oil and gas exploration company Africa Oil Corp has announced plans to implement two carbon offset projects in Kenya to accelerate its decarbonization efforts and diversify revenue streams in the energy transition era. The company will focus on nature-based carbon offset projects it can directly control and monitor for quality and progress, aligning with its commitment to environmental sustainability. “Markets for new products and services may present opportunities for the company to expand
By 2035, Africa has the potential to produce 50 million tons of competitively priced green hydrogen, with expected global demand for green hydrogen reaching 607 million tons by 2050. In comparison, Africa’s demand for green hydrogen and its derivatives is expected to be between 10 million and 18 million tons a year by 2050, with a production potential exceeding that. Prasad emphasizes that Africa can export between 20 million and 40 million tons of green
Europe faces soaring gas prices as Israel suspends production at the Tamar field due to the Gaza conflict, while a leak in the Baltic pipeline fuels security concerns. Gas prices in Europe have witnessed a significant surge following Israel’s decision to suspend production at its Tamar gas field in the wake of ongoing deadly attacks from Gaza. The conflict, which has claimed over 1,100 lives since the weekend, has prompted Israel’s energy ministry to explore
South Africa’s master plan to develop its gas market is finally ready after repeated delays as it aims to reduce its carbon emissions and avoid chronic power outages that have plagued Africa’s most developed economy for years. The master plan will go to the cabinet before public release, a senior official at the department of mineral resources and energy (DMRE) said on Tuesday 10th October, 2023. “It is done, it is going through the internal
A forward-looking panel at Critical Minerals Africa (CMA) 2023 will explore how technology, sustainable practices, and localization can ensure stable and secure critical mineral supplies, under the theme, “The Future Minerals Economy and the Resilience of Supply Chains.” The panel will be moderated by Olimpia Pilch, Founder and Chief Operating Officer of the Critical Minerals International Alliance, UK. Panelists include Dr. Marit Y. Kitaw, Interim Director of the African Minerals Development Center (AMDC), Ethiopia; Deshan
The MSGBC region is poised to become a global gas hub owing to its substantial proven resources, million-ton projects, and strategic location. With a major Liquefied Natural Gas (LNG) project coming online in 2024 and new exploration campaigns kicking off, the MSGBC Oil, Gas & Power 2023 conference and exhibition represent the platform to discuss the future of natural gas. During this year’s event, a dedicated panel discussion will take place under the theme, “The
The government may slow down the removal of fuel subsidies to avoid a repeat of the dissatisfaction witnessed in June, when gasoline prices nearly doubled, said the Finance Minister on Monday in Marrakech, Morocco, where she arrived on Saturday to participate in the annual joint meetings of the International Monetary Fund (IMF) and the World Bank. No decision has been made yet in the ongoing discussions about the 2025 deadline for the gradual elimination of
The Minister of Mineral Resources, Petroleum, and Gas (MIREMPET) made an appeal yesterday for a concerted effort to combat the promotion campaign of the commercial value of synthetic diamonds over natural ones in the international market, conducted by institutions interested in influencing market prices. Edições Novembro Diamantino Azevedo spoke to the media on the sidelines of the meeting of the Ad-Hoc Committee for the Review and Reform of the Kimberley Process Certification System, which concludes
