OPEC agrees to extend production cuts by nine months
07 July 2019 | 12:18 pm
OPEC agreed to extend production cuts by nine months after several members endorsed the move aimed at supporting oil prices amid a weakening global economy. The deal will take effect once non-OPEC allies give their approval at a meeting scheduled to hold today. Oyeyemi Oke, Oil and Gas Lawyer and Partner at A02 Law joins CNBC Africa to discuss this and other stories impacting the global oil market.
The busy Kiel Canal in northern Germany, linking the North Sea with the Baltic Sea, has come to a halt as crews try to clear the oil from waters after a pipeline leak.
Shell Petroleum Development Company (SPDC) yesterday announced that it would pay €15 million to farmers in three Niger Delta communities as compensation for damages to their farms from pipeline leaks between 2004 and 2007.
A scientist is now producing organic fertilizer in a bid to create a cheaper and more viable alternative to imports.
The consequences of the war in Ukraine are even being felt in Tunisia. In Kairouan, rising food and energy prices mean Najwa Selmi is faced with a tough decision: to buy food or send her children to school.
Gas prices in Europe have fallen to pre-Ukraine invasion levels and it seems we might avoid a full-blown energy crisis this winter. But experts expect a tough winter 2023/24.
Uganda on Tuesday commissioned the first of its four planned oil rigs and the start of drilling the first production well, a key milestone as the country races to meet its target of first oil output in 2025 after a long delay.
More than 13,000 Nigerian residents take Shell to court over oil spills. The claim from 11,317 people and 17 institutions in the Niger Delta area of Ogale was filed last week, according to Leigh Day, the U.K. law firm representing the plaintiffs.
The Big Oil bonanza keeps on coming, as France's TotalEnergies rounds out a week of record profits. Oil and gas giants have faced growing criticism about their environmental impact, as well as calls to pay higher taxes while households and businesses struggle with high energy prices.
The five largest Western oil firms announced nearly $200 billion in profits after the Ukraine war sent energy prices soaring. As China reopens, oil demand is likely to stay strong, alongside calls for windfall taxes.
The government in Buenos Aires has imposed price caps on many goods to rein in runaway inflation. While the curbs are welcomed among low income locals, economists doubt they will remedy the country's persistent problem.
A French court has rejected a demand to suspend a controversial oil and gas project largely owned by energy giant TotalEnergies in East Africa. But a lesson could be drawn from the verdict.
Germany has said it wouldn't be buying Russian crude oil this year as it weans itself off its erstwhile biggest energy supplier. But an oil deal with Kazakhstan means Moscow would continue to hold some sway over Berlin.
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