The UAE fuel price committee on May 31 announced major reduction in petrol and diesel prices for the month of June 2023. The new rates will apply from June 1.
Category: Economy
Nigeria faces fuel shortages
In 2022, the African continent experienced the worst refined fuel supply crisis in the past 40 years. Although Nigeria is a major oil producer, it lacks the capacity to refine this raw material, so the country is forced to import it. One day after Nigerian President Bola Tinubu announced the end of fuel subsidies in his inauguration speech, most fuel stations closed. According to international press reports, on Tuesday, there were long queues of drivers
Barrel of oil continues above OGE predictions
The Brent crude oil barrel, which serves as a reference for Angolan exports, was being traded at $76.56 until noon on Monday. This value is still above the $75 reference price set in the 2023 General State Budget (OGE), contrary to what we reported in our Sunday edition, where we mistakenly presented a price of $85. The daily variation ranged between $76.17 and $77.83, according to investing.com. It is already known, according to OPEC’s positions,
Nigeria considers ending fuel subsidies President
President of Nigeria, Bola Tinubu, announced on Monday the intention to remove fuel subsidies without setting a deadline. According to the BBC, at a time when inflation is reaching high levels in the country, the newly inaugurated Nigerian Head of State intends to end fuel subsidies to relieve the pressure on public finances. This measure will increase the cost of living in Nigeria, which, despite being rich in oil, does not have the capacity to
Angola confirms having commercial reserves of 36 critical minerals
Angola confirms having commercial reserves of 36 critical minerals The consultant to the Minister of Mineral Resources, Petroleum, and Gas, Mankenda Ambroise, stated on Tuesday in Luanda that out of the 51 minerals considered the most critical worldwide, 36 are known in Angola and ready to enter production. Recent research has revealed that the national territory is endowed with extraordinary geological potential. Mankenda Ambroise, who delivered the opening speech at the 2nd edition of the
The Impact of Angolan Banks and Insurers on the Growth of Local Exploration and Production (E&P) Companies
As the primary driver of its economy, the local content regime for the oil and gas sector in Angola is heavily dependent on a robust and efficient financial sector. Exploration and production (E&P) of the country’s oil and gas resources have set the stage for a strong economic outlook for Angola, with the country’s GDP projected to grow 5% between 2023 and 2026. As such, domestic financiers and insurers have called for increased synergy between
Nigeria:NNPC Resumes Oil Exploration in Chad Basin
The Nigerian National Petroleum Corporation (NNPC) Limited has announced the resumption of an oil drilling campaign at its Wadi-B well in Nigeria’s Borno State. The drilling activities had been inactive for several decades due to a lack of sufficient commercial oil quantities. The Group Managing Director (GMD) of NNPC Limited, Mele Kyari, stated that the company will adopt a new approach to exploration and conduct a comprehensive evaluation of all frontier basins in Nigeria. This
Lower Crude Prices Drag Down Saudi Arabia’s Total Exports by 25% in March
Saudi Arabia, the world’s largest energy exporter, has seen a significant decline in its total exports, including both oil and non-oil exports, according to recent reports. Online portal Zawya stated that the country experienced a 25% year-on-year decrease, with total exports amounting to $28 billion in March, compared to $37 billion in the same period last year. Analysts attribute the decline in exports primarily to the softening of energy prices and reduced demand in Europe
TotalEnergies Selected for $4.5 Billion Hydropower Project in Mozambique
Mozambique has chosen a consortium led by TotalEnergies and Electricite de France for a $4.5 billion hydropower project, as the investment in clean energy continues to rise. According to a government statement cited by Bloomberg on Friday, the project aims to construct the Mphanda Nkuwa dam, which will have a capacity of 1,500 megawatts, and an associated transmission line. The primary objective is to alleviate the power crisis in the region. The consortium includes the
DRC’s Gold Exports Generate $1,104.0 Billion USD by the End of 2022
In a recent annual report published on the Ministry of Mines website, it has been revealed that the Democratic Republic of Congo (DRC) exported a total of 28,306.26 kilograms of gold in 2022. The exports generated a revenue of 1.104 billion US dollars during the evaluated period. The report also highlights the dominance of KibaIi Gold and MCCR in the industrial exploitation of unrefined gold exports. KibaIi Gold accounted for 99.83% of the exports, while