The Group of 20 major economies should extend a freeze on official bilateral debt payments by the world’s poorest countries through 2021, and permanently reduce the debt load of some of the most heavily indebted ones, World Bank President David Malpass said on Wednesday. Merely delaying debt payments would […]

  Two major oil and gas pipelines bit the dust in the last 36 hours, a fearsome demonstration of the growing legal risks facing builders of fossil fuel infrastructure. On Sunday, the utility companies Dominion and Duke Energy canceled their proposed $8 billion Atlantic Coast Pipeline, which would have ferried […]

  OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics. OPEC and its allies, a group known as OPEC+, agreed to […]

After suffering historic price drops in the first half of 2020, oil markets are now well onto the path of recovery for the second half of the year according to Opec secretary general Mohammad Barkindo, crediting the group for its actions in helping rescue crashing oil prices. “As we see […]

  A consortium of six global investors has entered into a $20.7 billion agreement with Abu Dhabi National Oil Company (ADNOC), the state-owned oil company said Tuesday. As part of the agreement, the group will invest $10.1 billion to acquire a 49% stake in a newly-formed subsidiary, ADNOC Gas Pipeline […]

  The International Monetary Fund will likely forecast a worse contraction in the global economy than previously estimated for 2020 and sees “profound uncertainty” about the path of recovery, IMF chief economist Gita Gopinath said in a new blog. Gopinath said the economic crisis triggered by the novel coronavirus pandemic […]

  Nigeria’s current daily oil production overcomplies with its promised cuts under an agreement among major oil producers, the head of the state oil company said on Friday. NNPC chief Mele Kyari also said during a Zoom call organised by the Atlantic Council that if all countries that are part […]

  Oil prices took a tumble on Tuesday, with the commodity under pressure from a strong US dollar and investors oversupply concerns returning despite OPEC+ agreeing to prolong their record production cuts until the end of July. Brent crude is trading 28 cents lower at $40.52 a barrel, while the […]

  It is too early to say that the global economy is entering the recovery phase after the humanitarian and economic damage inflicted by COVID-19. However, there are already three mega-trends emerging, which will also shape Africa’s economic future – the three ‘Ds’ of the new world order. 1. De-globalization […]

  OPEC+ agreed a one-month extension of the 9.7 million barrels per day (b/d) production cut. The extension will tighten the market further and could see Brent prices rise from the current $40/bbl toward $45-to-$50/bbl. Ann-Louise Hittle, vice president, Macro Oils, said: “The 9.7 million b/d production cuts were already […]