What’s affecting oil prices?
29 October 2018 | 12:19 pm
Brent crude prices took a 4.3 percent hit on Tuesday; CNBC Africa discusses the dynamics impacting oil prices with Uchenna Minnis, Chief Market Analyst at Eagle.
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The IEA said renewable energy is expanding faster than many people realize, but it warned that investment in fossil fuels is not slowing fast enough to reach goals to slash emissions by 2050.
The move to slash supplies by 1 million barrels per day in July is "extendable," said Riyadh. Members of the OPEC+ grouping also agreed to extend cuts previously agreed in April until the end of next year.
Find these stories and much more when you grab a copy of The Guardian on Tuesday.
Following the removal of the fuel subsidy on May 29 by President Bola Tinubu. Prices of goods and services have largely increased with several businesses struggling to keep the door open. GuardianTV stepped out today to check in with Nigerians to see if they've gotten used to the new normal and this was what they had to say.
Less than a week after the Wagner Group's attempted coup, uncertainty reigns in Russia. Opponents of Vladimir Putin are considering other threats to his leadership, including the economy. The oil price is a major hitch.
In spite of an agreement struck in April to cut production of crude by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, oil prices still haven't seen a boost. In this edition, we see that concerns over global economic growth are outweighing the production cuts. Also, European space rocket Ariane 5 gears up for its final lift-off and Singaporean bank UOB makes a winning bet on Taylor Swift fans.
Fresh figures have shown the extent of the European Union's efforts to reduce its energy dependency on Russia, with Moscow accounting for just 3 percent of the bloc's oil imports in the first quarter of this year, compared to 26 percent during the same period in 2022. The EU has also moved away from Russian natural gas, relying more heavily on Norway, the UK and Algeria. This comes as the decline in Moscow's export revenues weakens its currency.
Following the receipt of credible intelligence, a Private Security Contractor engaged by NNPC Ltd., Messrs. Tantita Security Services, intercepted a suspicious Vessel with a Cargo of Crude oil on board on July 7, 2023.
Angola is rich in crude oil but has to import the fuel it needs. A new refinery could change that.
The UN says it has begun an operation to pump 1 million barrels of oil from a rusting supertanker off Yemen's coast, hoping to avoid an environmental disaster that could devastate local ecosystems and major ports.
The UN said over 1 million barrels of oil have been removed from the tanker, off Yemen's Red Sea coast. For years, the UN and other organizations had sounded the alarm over the dangers surrounding the corroding vessel.
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After beginning a strike one week ago, the United Auto Workers union has increased the number of plants affected by industrial action. Until now, workers have been striking at three sites, one each for Ford, General Motors and Stellantis. UAW leader Shawn Fain says that will be increased to 38 factories, all of them GM and Stellantis parts distribution centres. Ford has been spared of further disruption, with the union saying the company has made "important concessions".
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This week in Across Africa, Georja Calvin-Smith speaks to Namibian President Hage Geingob ahead of his arrival in New York for the UN General Assembly. He shares his perspective on governance, the impact of Africa's first climate change summit and the role of the African Union in responding to regional upheaval.
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Megan Rapinoe has ended her US national team career with a 2-0 win over South Africa in Chicago. The 38-year-old ends her stint as an international with 63 goals, 73 assists and 203 caps, along with two world cups. Rapinoe made her debut for her country in 2006, with only three players having longer spells playing for the United States. "It has been such an honor to be able to wear this shirt, play with all these players and live out my childhood dream. I know that I mean a lot to the game.
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Grammy-winning artist Usher will headline the halftime show at the 2024 Super Bowl in Las Vegas, Nevada, the National Football League (NFL), Apple Music and label Roc Nation announced on Sunday. The 58th Super Bowl is scheduled to take place at Las Vegas' Allegiant Stadium on Feb. 11, 2024.
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Philippines and Chinese vessels face off in the South China Sea, marking the latest in a series of confrontations over competing territorial claims in the important maritime passageway.
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The White House is warning of severe economic consequences if Congress fails to pass a funding bill by an October 1 deadline. Far-right House Republicans are demanding deep spending cuts that are almost certain to be rejected by the Democratic-controlled Senate. Also in this edition: France asks its energy firms to sell fuel at cost, and Germany looks to semiconductor production to revive its flagging industrial sector.