Oil prices rise as COVID-19 lock-downs start to ease
20 May 2020 | 7:00 am
Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations. The market was also supported by Saudi Arabia’s decision to further deepen its output cut. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa to focus on the global oil market and its implication for Nigeria.
The condition that home buyers across China has been so dire that, they started collective disobedience in June, threatening to halt mortgage payments if the construction did not resume. Till July, homebuyers in 80 Chinese cities had refused to pay their mortgages, affecting the future of over 200 projects.
There is a run on the pound and panic in the markets over the UK's biggest tax cut for the rich in half a century. New Prime minister Liz Truss taking the concept of 'going for broke' to a whole new level with an almighty gamble that the deficit will take care of itself once all the investment pours in.
The Bank of England has launched a £65 billion emergency bond-buying programme, in an effort to calm the markets and avert a financial crisis. The "unprecedented" support comes amid mounting criticism of the government's plan to slash taxes.
OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections.
OPEC+ is cutting global oil production to drive up prices. The move shows that Russia can still count on the cartel led by Saudi Arabia to help it bolster its war chest.
Sitting outside her restaurant at the heart of Souq Waqif, Qatari woman Mariam Al Mansour proudly says that her traditional meals are among the most sought after by locals and foreigners alike.
In Poland, a leak in the Druzhba pipeline that is carrying oil from Russia to several European countries has been detected. Authorities stated that it is too early to identify the cause of the damage. Germany's economy ministry says it is receiving less oil, but supplies are guaranteed.
After taking over their huge domestic market, Chinese e-vehicle manufacturers want to crash Europe. Can their wide range of electric cars make a breakthrough splash in Germany?
Data from the Nigerian Upstream Petroleum Regulatory Commission shows that total oil production loss in the third quarter of this year, stood at 6.6 million barrels per day.
Find these stories and much more when you grab a copy of The Guardian on Thursday.
Nigeria launched oil and gas drilling for the first time in the country's north on Tuesday, as it seeks to diversify away from the oil-rich Niger Delta.
The European Union approved a plan to cap prices of Russian oil at $60 a barrel, with the deal coming into effect December 5. Ukrainian President Volodymr Zelenskyy thinks it may not be enough. Follow DW for the latest.
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