Mozambique’s long-held dreams of natural gas have got a fresh boost following an estimated $1.1 billion contract award by ExxonMobil for the Rovuma LNG Phase 1 project in Mozambique’s Cabo Delgado region. The signing of the contracts represents a big leap towards FID for the project, whose objective is to build onshore LNG facilities with […]
South Africa’s rand experienced renewed pressure against the U.S. dollar in September 2026 due to soaring oil prices, a rising greenback, and falling precious metal prices – all of which resulted in another shock to the nation. This news is especially significant as South Africa is a net importer of oil and has a strong […]
The price of Brent crude is approaching the level of $109 per barrel, which may add to the pressure on African economies that rely mostly on fuel imports as conflicts in the Middle East disrupt shipping through the Strait of Hormuz and the Red Sea. The price of Brent hit $109.97 on September 11 before […]
Nigeria is officially in recession due to the impact of the coronavirus and the low price of crude oil which is the countries number one product exported to other African countries and the World. The GDP of Nigeria, an oil-creating nation, shrunk by 3.62% in the second from last quarter of 2020, subsequent to having […]
Oil prices fell more than 2% on Thursday on worries about slow demand growth with coronavirus cases rising, US crude stockpiles hitting an all-time high and the US Federal Reserve projecting recovery from the pandemic would take years. US West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling as low as $38.42 a […]