IMF Warns Strait of Hormuz Disruption Could Trigger Global Oil Supply Shock and Price Spikes Rising tensions in the Middle East are once again placing global energy security at the center of economic concerns, according to an analysis by the International Monetary Fund (IMF) published in its Finance & Development section. The IMF warns that any effective disruption or closure of the Strait of Hormuz represents one of the most significant risks to global oil
Italy’s Top Court Clears Prosecutors in OPL 245 Case, Marking New Twist in Nigeria’s Biggest Oil Scandal Italy’s highest court has acquitted two prosecutors who led the failed corruption case against energy giants Eni and Shell over Nigeria’s controversial OPL 245 oil block, bringing another chapter of one of Africa’s largest and most protracted oil scandals to a close. The Court of Cassation overturned the convictions of Milan prosecutors Fabio De Pasquale and Sergio Spadaro,
Dangote Refinery Reshapes West Africa’s Fuel Market as Imports Plunge and Trade Routes Shift The rapid ramp-up of production at the Dangote Petroleum Refinery is transforming fuel trade across West Africa, significantly reducing the region’s reliance on imported refined petroleum products. According to recent industry data cited by S&P Global, West Africa’s imports of clean refined petroleum products fell sharply to 765,000 barrels per day (bpd) in May, down from approximately 997,000 bpd in April.
Angola Raises Diesel Price by 20 Kwanzas as Government Continues Fuel Subsidy Reform The price of diesel in Angola has increased by 20 kwanzas per litre, rising from 400 to 420 kwanzas, according to an announcement by the Institute for the Regulation of Petroleum Derivatives (IRDP). In an official circular, the regulator confirmed that while diesel prices have been adjusted upward, the prices of gasoline, kerosene, and gas remain unchanged. The IRDP noted that the
Equinor Enters Angola’s Offshore Block 16/21 With 30% Stake in Exploration Deal Norwegian energy company Equinor has acquired a 30% participating interest in Angola’s offshore Block 16/21, marking its official entry into the exploration asset through a partnership with operator TotalEnergies. The agreement was signed on June 11, 2026, in the presence of the National Oil, Gas & Biofuels Agency (ANPG). The transaction forms part of ongoing efforts to attract international investment into Angola’s upstream
Eni Secures Offshore Exploration Licence in Gambia, Expanding West African Energy Footprint Italian energy major Eni has officially entered Gambia’s upstream oil and gas sector after securing an offshore exploration licence for Block A1, marking a significant expansion of its operations across West Africa’s emerging energy frontier. The company signed a petroleum exploration, development, and production licence agreement with the Government of The Gambia on June 5. The agreement was signed by the country’s Minister
Dangote Refinery Boosts Nigerian Crude Purchases as Iran Conflict Disrupts Global Oil Markets Aliko Dangote’s refinery is significantly increasing its purchases of Nigerian crude oil as geopolitical tensions linked to the Iran conflict continue to reshape global energy markets. The disruption in Middle Eastern supply routes has created new trading dynamics, positioning Africa’s largest refinery as a key beneficiary of shifting oil flows. According to market reports, including Bloomberg, the Dangote Petroleum Refinery has stepped
Botswana Denies Connection to Oil Tanker Hit by U.S. as Fake Ship Registrations Raise Alarm Botswana has distanced itself from an oil tanker targeted by the United States in the Persian Gulf, saying the vessel was falsely operating under its flag a case that highlights the growing global problem of maritime flag fraud and its impact on African nations. The controversy emerged after U.S. Central Command (CENTCOM) announced military action against the “Botswana-flagged” oil tanker
Afentra Advances Angola Oil Exploration as Rising Crude Prices Boost Development Plans Afentra is advancing both offshore and onshore exploration activities in Angola as the company seeks to expand production and grow its reserves in one of Africa’s leading oil-producing nations. According to CEO Paul McDade, higher global crude oil prices driven by tensions involving Iran and disruptions to shipping through the Strait of Hormuz are strengthening the company’s investment outlook in Angola, Sub-Saharan Africa’s
QatarEnergy Announces Promising Merlin-1X Oil Discovery Offshore Namibia in Orange Basin Exploration Program QatarEnergy has announced a new oil discovery with encouraging results from the Merlin-1X exploration well, drilled in Petroleum Exploration License 39 (PEL 0039) offshore Namibia. Merlin-1X is the tenth well drilled within the license area and has delivered the most promising subsurface results to date. The well encountered high-quality reservoir formations containing light oil, along with limited associated natural gas. His Excellency
