Oil Prices Decline Amid Weak U.S. Fuel Demand and Profit-Taking. Oil prices dipped on Friday as investors responded to weak U.S. fuel demand and engaged in profit-taking at the end of the quarter. Additionally, key inflation data for May increased the likelihood that the Federal Reserve might cut interest rates this year. Brent crude futures…
Sonangol Aims to Strengthen Regional Ties in Oil and Gas Sector. The Angolan government is on track to complete the privatization of its National Oil Company (NOC), Sonangol, by 2026. This initiative aims to diversify the government’s 30% stake in Sonangol, attracting private investors to help expand the company’s operations across the oil and gas…
BP halts hiring, slows renewables roll-out to win over investors. BP’s (BP.L), opens new tab new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have…
Tinubu’s Policies Propel Maritime Sector Transformation, Boost Revenue – Bello-Koko. Mohammed Bello-Koko, the Managing Director and Chief Executive Officer of the Nigerian Ports Authority (NPA), has credited President Bola Ahmed Tinubu’s economic policies for the significant transformation of the maritime industry and the enhancement of revenue generation by the Authority. During an unscheduled visit to…
Nigeria Earns $5 Million from Gold, Highlights Mining Sector Challenges and Opportunities. In a significant milestone for Nigeria’s mining sector, the Minister of Solid Minerals Development, Dele Alake, proudly presented gold bars produced by the country’s artisanal and small-scale miners to President Bola Tinubu. The Solid Minerals Development Fund (SMDF) refined the gold, demonstrating the…
OPEC Fund Approves US$605 Million in New Development Financing The OPEC Fund for International Development (OPEC Fund) continues to expand its portfolio with the approval of US$605 million in new financing. During its 188th Governing Board meeting held in Vienna, the board concluded a series of high-level engagements, greenlighting key development projects focused on global…
Ilift Foundation Inaugurates Dlei to Equip 2,000 Students With Digital, Leadership Skills. iLift Foundation, a non-governmental organisation (NGO) dedicated to empowering youth in underserved African communities, has launched its ‘Digital, Leadership, and 21st Century Empowerment Initiative (DLEI)’. In collaboration with Terra Academy for the Arts (TAFTA) and the Lagos State Ministry of Basic and Secondary…
Seafarers are the Lifeblood of the Maritime Industry – Oyetola The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, has affirmed that seafarers are the lifeblood of the maritime industry, essential to the success of the Blue Economy. Speaking during the commemoration of the 2024 Day of the Seafarer in Lagos, Oyetola emphasized the…
Botswana Leads as Africa’s Premier Mining Destination. Botswana has once again secured its position as Africa’s leading mining destination and ranks among the top 10 mining jurisdictions globally, according to the 2023 Fraser Institute Annual Survey of Mining Companies. This prestigious survey evaluates the perceptions of mining company executives on the policies that influence the…
Oil Prices Dip Amid Economic Concerns and Geopolitical Tensions. Crude oil prices fell by 1% on Tuesday, impacted by weak U.S. consumer confidence data, which heightened worries about the economic outlook and fuel demand. This decline comes despite a sluggish start to the U.S. summer driving season. Market Performance: Brent futures for August decreased by…
