Tag: Oil
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African economic growth threatened as oil prices surge
High oil prices, driven by the Middle East war, are threatening African economic growth and increasing costs for everyday goods and transport. Regional energy experts warn this could cut three percentage points off continental growth. Rising prices are straining household budgets and pushing up inflation, with many African countries having low fuel reserves. Solutions like…
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π³π¬ Oil Spill Reported at Shell Terminal in Nigeria’s Delta Region
A significant oil spill has been reported at Shellβs Bonny loading terminal in Nigeria’s Delta region following a pipeline rupture, according to the Nigerian Maritime Administration and Safety Agency (NIMASA). The incident, which occurred on Saturday, has caused oil to spread to the shoreline, raising concerns about environmental and community impact. NIMASA confirmed that it…
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π±πΎ Libyan protesters block oil valves demanding release of kidnapped General
n a bold move on Tuesday, residents of Zintan, Libya, shut down key oil distribution valves in protest of the abduction of Brigadier General Mustafa al-Whayshi, head of the Central Security Department. Al-Whayshi was kidnapped last Wednesday, and his captors have not been identified. Local leaders in Zintan have accused the Dbeibah government and the…
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π·πΊπΉπΌ Russia Emerges as Leading Supplier in Taiwan’s Oil Products Market
Russia has taken the lead in Taiwanβs oil products market, with the island nation importing nearly 114,000 barrels of Russian naphtha per day last month. This import level accounted for 66% of Taiwanβs total crude imports for the month, according to data from Kpler. This surge to an all-time high firmly establishes Russia as Taiwanβs…
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π»πͺ Venezuela to Propose Oil Projects to BRICS
World leaders are gathering in Kazan for the BRICS summit, and among them is Venezuelan President Nicolas Maduro, who arrived last night. Stepping off the airplane, he addressed journalists, stating that BRICS countries need the “oil muscles” of both Russia and Venezuela. Currently, the 9 BRICS member states represent 32% of global oil and condensate…
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π¦π΄ Angola’s Cabinda oil refinery to start up by April, Gemcorp CEO says
Angola’s Cabinda oil refinery is set to start production by April, as it finishes its very first stage simply ahead of schedule but over spending plan, the CEO of Gemcorp Holdings Minimal, the job’s greatest shareholder, told Reuters on Tuesday. The refinery will be commissioned in January-February, with its very first products of fuels reaching…
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Big Barrels: African Oil and Gas and the Quest for Prosperity
Big Barrels takes aim at the perception that in Africa oil and gas can do no good. For decades, resource wealth in Sub-Saharan Africa has been synonymous with corruption and dysfunction. The reality is far more complex and generally more encouraging. In a series of eight case studies Big Barrels looks at what African nations…
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Reports that Nigeria has rejected Shell’s $1.3 billion oil asset sale
Nigeria’s oil regulator has rejected Shell’s proposed $1.3 billion sale of its onshore oilfields to Renaissance group because the buyer is not qualified to manage the assets, Lagos-based yesterday newspaper reported on Wednesday. Shell on Jan. 16 announced its exit from Nigeria’s onshore and shallow water operations after agreeing to sell the business to a…
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Libya’s oil production rebounds as political accord eases crisis
Libya’s oil production has rebounded sharply, reaching 1.13 million barrels per day on Tuesday, just days after the country’s eastern-based government lifted a blockade on oil fields and ports, the state-owned National Oil Corporation (NOC) reported. The revival follows a political agreement brokered by the United Nations to resolve a dispute over control of the…
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Brent Oil Falls to $70.4 Amid Libyan Production Recovery News
π±πΎπ’Brent Oil Falls to $70.4 Amid Libyan Production Recovery News Brent crude oil futures for December delivery have dropped by 1.88%, reaching $70.35 on the ICE exchange. WTI futures for November delivery are also seeing a decline, down 1.76% to $66.96, while December WTI futures have dipped to $66.62 per barrel. The drop in prices…
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