Brent crude oil futures, for delivery in August, closed the week at $82.62 per barrel, despite a slight drop of $0.13 on the final trading day. Overall, prices rose by 4.0 percent for the week as investors evaluated strong demand forecasts for oil and fuel in 2024, according to analysts. International market data indicated that Brent oil futures experienced a 0.13-dollar decline to $82.62 per barrel on the last day of trading. However, both Brent
Australian company Woodside Energy has announced that it has started extracting oil from the Sangomar field, located off the coast of Senegal, marking the country’s debut as an oil producer in sub-Saharan Africa. “Woodside has successfully extracted the first oil from the Sangomar field, completing the delivery of the country’s first offshore oil project,” the company stated. Woodside is developing the field in partnership with the Petroleum Society of Senegal (Petrosen), as reported by international
China and the USA are expected to significantly drive the increase in oil consumption for the remainder of the year, according to the Organization of Petroleum Exporting Countries (OPEC). The organization has maintained its demand forecasts, highlighting positive economic progress. In its monthly report released today, OPEC stated, “If growth in the main Organization for Economic Co-operation and Development (OECD) and non-OECD economies maintains the dynamics of the first half of the year, economic growth
The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement for the Nigerian National Petroleum Company Limited’s (NNPC) $3.3 billion syndicated crude oil-backed prepayment facility. This latest funding, aimed at Project Gazelle Funding Limited, increases the total currently funded facility size to $3.175 billion. Afreximbank arranged and coordinated this accordion disbursement, raising the funds from a consortium of crude oil off-taker lenders, including Oando Group and Sahara Energy Resource Limited. Afreximbank, serving as
Russian operators of sanctioned oil have found a new location for ship-to-ship transfers in the Mediterranean after being barred from Greek waters last month. Bloomberg reports that the coastline near Nador, in eastern Morocco, has become a key site for transferring Urals oil from smaller vessels to larger tankers for onward shipment. Since May 1, the Greek navy has conducted exercises in the Laconian Gulf to deter Russian-linked tankers from using the area for transfers.
President Mokgweetsi Masisi disclosed to JCK News the possibility of the Botswana government raising its shareholding in the global diamond miner De Beers. This comes in the wake of parent company Anglo American’s announcement of plans to spin off or divest the business. Currently, the government holds a 15% stake in De Beers, with Botswana contributing 70% of the company’s annual rough diamond supply. Anglo’s strategic review, which includes a potential sale or divestment of
O&L and CMB-Tech plan to build the world’s first hydrogen-fueled tugs through their joint venture, Cleanergy Solutions. CMB-Tech has also partnered with TransNamib, Hyphen Technical, CMB Tech, and the University of Namibia (UNAM) are partners in the HyRail project. Although there is no timeline for tug boats, the International Rail Journal quote National Planning Commissioner Oberth Kandjoze saying that the rail project under HyRail is expected to be commissioned by the end of 2025. Cleanergy Solutions has launched the first-ever
De Beers, the world’s largest diamond producer by value and currently up for sale by parent company Anglo American, has launched an ambitious five-year strategy to reposition itself as the leading jewelry group in the market. While De Beers already sells diamond jewelry through its global retail boutiques, Chief Executive Al Cook aims to expand the number of outlets to compete with profitable luxury brands such as Tiffany and Cartier. “If I look at the
ExxonMobil is downsizing its operations in Nigeria, Africa’s largest oil-producing country, as part of a broader strategy to scale down its presence in the region. The oil giant is vacating its expansive offices in Lagos with the expiration of a 33-year lease this Friday, according to insiders who spoke to Reuters. This move follows similar actions by other oil majors such as Shell, TotalEnergies, and Eni, which have attempted to exit Nigeria’s oil-rich Niger Delta
Africa is home to vast and abundant reserves of natural resources, with resources ranging from black gold popularly known as oil to large reserves of cobalt, found all across the mineral-rich lands of the Congo. Africa is home to nearly all valuable minerals that are essential to generating wealth, producing commodities, and advancing technology. Several African nations have prospered because of their mineral resources, some more so than others. Africa is home to approximately 30%
