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Oil Price Spillover Hits Africa Hard
By Lisa Steyn The decline in the oil price has plunged Africa’s oil and gas industry into dire straits, a situation exacerbated by factors such as uncertain regulation, corruption and the prospect of political and social instability. It is a particular burden on those economies most reliant on the industry for revenue, and could have … Continue reading
Africa: Blood Diamonds Money
To understand the African diamond trade, you have to know how and why diamonds are exploited in parts of Africa, as well as where this has been and continues to be a problem. Experts claim that the illegal sale of blood diamonds has produced billions of dollars to fund civil wars and other conflicts in … Continue reading
Low Oil Prices Could Shake Up Africa’s Petro States
By Jill Shankleman One in five African states produce hydrocarbons, and most of these are heavily dependent on oil and gas revenues to finance their governments and generate foreign exchange. Further, an emerging group of East African states are waiting on international oil companies to develop new oil and gas reserves. But Africa’s record using … Continue reading
Russia’s Putin, Venezuela’s Maduro To Meet For Talks On Oil, Finance – TASS
Russian President Vladimir Putin is due on Thursday to hold talks with his Venezuelan counterpart Nicolas Maduro, who will arrive in Russia on a working visit, presidential spokesman Dmitry Peskov has said. “In fact, President Putin plans to hold such a meeting on Thursday,” Peskov said, confirming earlier reports from Venezuelan sources. The sides will … Continue reading
Understanding The Plunge In Oil Prices: Sources And Implications
By The World Bank The decline in oil prices since mid-2014 has been significant but not unprecedented. Supply related factors, including a shift in OPEC policy, have played a dominant role. Lower oil prices will contribute to global growth and temporarily reduce global inflation in 2015 and will generate significant real income shifts from oil-exporting … Continue reading
Algerian Energy Minister Urges OPEC Cut To Prevent Deeper Crisis
Algeria has called for OPEC to cut oil production to raise prices and help a number of member countries from plunging deeper into crisis, according to Energy Minister Youcef Yousfi. “OPEC should intervene to correct the imbalances by cutting oil output to push prices up and defend incomes of the member countries,” Yousfi said during … Continue reading
Saudi Arabia Braces For $39B Deficit In 2015 As Oil Slump Weighs On Economy
The number one crude oil exporter, Saudi Arabia, has projected a $39 billion deficit in 2015. The impact of lower oil prices, along with the decision not to cut production, is putting pressure on the country’s finances. The figure was part of the endorsed 2015 budget, which was made public in a statement read out … Continue reading
Seven Questions About The Recent Oil Price Slump
By Rabah Arezki, Olivier Blanchard IMF Oil prices have plunged recently, affecting everyone: producers, exporters, governments, and consumers. Overall, we see this as a shot in the arm for the global economy. Bearing in mind that our simulations do not represent a forecast of the state of the global economy, we find a gain for … Continue reading
Saudi Arabia Ready To Hike Oil Output Despite Oil Price Tumble: State Media
Saudi Arabia is reportedly ready to hike their oil output and gain a larger market share in order to fulfil demand of any new potential clients, the Saudi-owned al-Hayat newspaper quoted the kingdom’s Oil Minister as saying on Monday morning, according to Reuters. According to the state-owned newspaper, when asked if Saudi Arabia was looking … Continue reading
UAE Energy Minister Slams “Irresponsible” Non-OPEC Producers For Oil Price Tumble, Calls On Non-OPEC Output Cut
The United Arab Emirates (UAE) Energy Minister, Suhail Al Mazrouei, on Sunday called for non-OPEC (The Organization of Petroleum Exporting Countries) oil producers to cut their output as excess supplies are harming the market, in addition to slamming them for the reason behind the tumble in oil prices, according to Bloomberg, Reuters, and the WSJ. The UAE Minister … Continue reading
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