oil

Nigeria and South Africa: The Energy Landscape Shift Recent developments in Africa’s energy scene are hard to ignore, particularly when we consider Nigeria's evolution from being the continent's most significant petrol importer to approaching self-sufficiency in fuel production. For years, Nigeria, despite its status as one of Africa's largest crude oil producers, has struggled with heavy reliance on imported refined petroleum. What does this transformation mean for the national psyche? Could this be the moment…

Nearly half of South Africa's refining capacity lies dormant, a staggering statistic that highlights the ongoing challenges faced by the nation's energy sector. In just five years, South Africa's refining capacity has been slashed by 50%, a decline attributed to a complex mix of accidents and a desperate lack of investment. At times, the magnitude of these figures can be overwhelming, but what does this really mean for the everyday South African? According to Transnet SOC Ltd., the state-owned logistics firm,…

Understanding Global Oil Shipping Routes: The Lifeblood of Our Economy Every day, vast tankers navigate the intricate web of oil shipping routes, transporting millions of barrels of crude oil and refined petroleum products. These pathways play a pivotal role in sustaining not only the global economy but also our energy security. Imagine a world where these routes suddenly ceased to function; a stark realization emerges: our daily lives, from the fuel in our cars to the heating in our homes, would be profoundly…

In a striking move that underscores the evolving dynamics of international relationships, Niger's military-led government has recently mandated the departure of various Chinese nationals engaged in oil projects within the country. This decision, which is bound to affect numerous employees and complicate Niger's ties with Beijing, raises important questions about sovereignty and resource management. Oil Minister Sahabi Oumarou conveyed this directive with precision when he instructed the China National Petroleum…

On Saturday, Femi Soneye, the Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), made a significant announcement regarding the Port Harcourt Refining Company (PHRC). The forthcoming closure of the refinery is described as a temporary measure, aimed at enhancing operational efficiency and ensuring the refinery's long-term viability. Reflecting on the situation, Soneye stated, “The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to inform the general…

Indonesia’s recent announcement to raise its export tax on crude palm oil (CPO) from 7.5% to 10% is stirring ripples across global markets. While this change is significant for many countries worldwide, the ramifications are particularly acute for Africa, which heavily relies on palm oil imports from Southeast Asia. For many African nations, the news of this new levy, set to take effect on May 17, 2025, poses a troubling scenario: heightened import costs. It’s a reality that can significantly affect local economies and…

On Monday, the International Court of Justice (ICJ) made a landmark decision affirming that Equatorial Guinea possesses legal sovereignty over a cluster of small islands situated in the potentially resource-rich Gulf of Guinea. For many, this may feel like just another ruling in the international legal arena—but the implications resonate deeply. Imagine engaging in a decade-long tug-of-war over territories, only to finally see the scales tipped in your favor. This ruling effectively marks the closure of a…

The latest market report reveals a consistent decline in the prices of all ORB (Official Reference Basket) components, aligning with the downward trend in corresponding crude oil benchmarks. This convergence between basket component prices and crude oil benchmarks isn't just a coincidence; it's rooted in the broader market dynamics that dictate pricing in this volatile industry. Moreover, lowered official selling prices across the primary marketplaces have exacerbated the price drops, creating a ripple effect felt by…

Turkey's Strategic Oil Deal with Somalia: A Turning Point In an unexpected twist in the global energy market, recent discoveries off the shores of Somalia, projected to contain up to 20 billion barrels of commercially viable crude oil, signal a monumental shift. This development reflects Turkey's escalating interest in Somalia and the broader energy landscape of East Africa. According to the Somali Guardian, the initial yields from two pilot oil blocks have been promising. Meanwhile, a third block continues to undergo…

Crude oil has long been the backbone of the global energy economy, a fiercely competitive arena dominated by a few key players. The push and pull of geopolitics, technological advancements, and economic imperatives shape this essential resource, influencing not only nations' fortunes but also the daily lives of millions. Have you ever stopped to consider the intricate web of dependency that crude oil weaves through our societies? Global Leaders in Oil Production As of the latest statistics, the United States proudly…