The African Refiners and Distributors Association (ARDA), has said that the continent’s crude oil consumption will surge from about 1.8 million barrels per day in 2024 to as much as 4.5 million barrels per day by 2050, positioning the continent’s downstream energy sector as one of the world’s most significant untapped investment frontiers. Executive Secretary,…
NewsFeed US President Donald Trump has said the US owns rights to Venezuelan oil and land. The claims follow the US seizure of Venezuelan oil and the declaration of a naval blockade. But is any of this true? Soraya Lennie explains. Published On 18 Dec 202518 Dec 2025 Click here to share on social media…
Ángel BermúdezBBC News Mundo Reuters The US seized an oil tanker off the coast of Venezuela on 10 December In a further escalation of tension between the United States and Venezuela, President Donald Trump has ordered a naval blockade to stop sanctioned oil tankers from entering and leaving the South American country. Venezuela – which…
Paul Putnam, 53, a rancher and independent contract pumper walks past a pump jack in Loving County, Texas, November 25, 2019. Angus Mordant | Reuters U.S. crude oil on Tuesday fell below $55 per barrel, hitting the lowest level since early 2021 as traders factor in a looming surplus and the possiblity of a peace…
The U.S. imposed sanctions on three nephews of Venezuelan President Nicolás Maduro on Thursday, as well as half a dozen ships accused of carrying oil from the country, as President Trump looks to inflict further pressure on the South American nation. The new sanctions target Franqui Flores, Carlos Flores and Efrain Campo. Also included in…
Washington — The U.S. has seized a large oil tanker off the coast of Venezuela, officials said Wednesday, escalating tensions between the two countries. President Trump said he assumes the U.S. will keep the oil. Bloomberg first reported the oil tanker seizure. Mr. Trump announced the seizure during a roundtable meeting at the White House,…
African Energy Chamber (AEC) Executive Chairman NJ Ayuk, at a past event. PHOTO/AEC. By ENERGY CORRESPONDENT [email protected] The African Energy Chamber (AEC) has welcomed the decision by the East African Court of Justice (EACJ) to dismiss a long-standing lawsuit aimed at halting the East African Crude Oil Pipeline (EACOP), a key infrastructure project set to…
Commodity markets are helping to stabilise the global economy. PHOTO/Pexels/Kamaji Ogino. By BUSINESS CORRESPONDENT [email protected] Global commodity prices are projected to fall to their lowest level in six years in 2026, marking the fourth consecutive year of decline, according to the World Bank Group’s latest Commodity Markets Outlook. Prices are forecast to drop by seven…
The World Bank Group has projected global commodity prices to fall to lowest level in six years in 2026, marking the fourth consecutive year of decline. According to its latest commodity markets outlook, the organisation forecast prices to drop by seven percent in both 2025 and 2026, driven by weak global economic growth, a growing…
Bernd Debusmann Jr,at the White House, Max Matza and Ian Aikman ‘It was time’, says Trump on increase in Russia sanctions The US has announced new sanctions targeting Russia’s two largest oil companies in an effort to pressure Moscow to negotiate a peace deal in Ukraine. The announcement came one day after US President Donald…
