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AfricaBusinessEconomy

Saudi Arabia pushes for oil reduction quotas in Africa

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OPEC members have gathered in Vienna for a meeting widely expected to be contentious Exclusive News Saudi Arabia, the informal leader of the Organization of the Petroleum Exporting Countries (OPEC), is reportedly trying to negotiate a reduction of oil output quotas with smaller producers in Africa, the Wall Street Journal has reported, citing sources familiar with the matter, according…
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BusinessEconomyWorld

Western nations still buying Russian oil and gas

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Those who sanctioned Moscow now rely on “workarounds” to get the country’s energy, Nikolay Shulginov says Exclusive News Western nations have not stopped buying Russian energy despite the unprecedented sanctions imposed by the US and the EU against Moscow, Russian Energy Minister Nikolay Shulginov has said. These nations have just switched to “workarounds” to procure Russian…
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AfricaEconomy

Nigeria launches an oil refinery to meet local demand

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The West African country has built a giant oil refinery to cover domestic demand Exclusive News Nigeria will commission its new Dangote Petroleum Refinery on Monday in hope of alleviating the chronic fuel shortages that have turned Africa’s biggest oil producer into a fuel importer, according to RT News.   The processing plant, which has capacity of 650,000 barrels per day, is…
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AfricaEconomy

Venezuela pledges to abandon US dollar

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Venezuelan President Nicolas Maduro says the move will free his country’s economy from sanctions Exclusive News Venezuela is planning to shift away from the greenback in cross-border transactions, President Nicolas Maduro said earlier this week, claiming that the measure would help the Bolivarian Republic to free its economy, according to RT News. It’s the latest country to…
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AfricaBusinessEconomyWorld

Russia’s trade with Middle East and North Africa booming

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The exodus of Western firms could further boost Moscow’s economic cooperation with the region, Maksim Reshetnikov has said Exclusive News Trade turnover between Russia and the countries of the Middle East and North Africa (MENA) has been steadily growing and has now reached $95 billion, according to Economic Development Minister Maksim Reshetnikov, according to RT News.  Speaking…
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AfricaEconomy

UK supreme court dismisses a lawsuit over offshore oil spill in Nigeria

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Britain’s highest court of appeal ruled there was “no continuing nuisance” in the case, contrary to claims by thousands of people Exclusive News The UK Supreme Court on Wednesday dismissed a lawsuit filed by Nigerian residents against two Shell subsidiaries over a 2011 offshore oil spill. The claimants had argued that the consequences of the pollution constituted a “continuing…
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Economy

Russia rerouting more than 60% of its oil from the EU to Asia

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More than 60% of the country’s crude and petroleum products will be shipped to Asia this year, Deputy PM Aleksandr Novak has said Exclusive News Russia will reroute more than 60% of its oil and petroleum products exports from the EU to Asia this year, Deputy Prime Minister Aleksandr Novak revealed on Thursday, according to RT News. Russia has been diversifying its energy…
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