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Rich in renewable energy resources, yet Africa is not fully electrified. Electrification is a catalyst for Socio-Economic development. Challenges include: The migration from traditional methods of electrification to digitalization.Lack of competent policies and financing methods to deal with setbacks.Innovation is growing faster and faster than policies can keep...
…Selling barrels at record discounts to Brent…Traders see lackluster buying, weak demand from refiners Nigeria opened a new front in the oil price war between some of the world’s largest OPEC+ countries, offering to sell its crude in April at unusually large discounts in an effort to undercut its rivals. Even so, traders said...
Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade, while a U.S. coronavirus rescue package ran into political delays. Futures in London fell around 4% to near $26 a barrel, while West Texas Intermediate rose after the April contract expired...
Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil company’s board, according to people familiar with the matter. The deal would also see the billionaire investor support the return of Occidental’s former Chief Executive Officer Stephen Chazen as chairman, the people...
Royal Dutch Shell plans to reduce spending by $5 billion in 2020, and suspended its plan to buy back $25 billion worth of shares, following the collapse in oil prices. The company will reduce its capital expenditure to $20 billion, down from its planned $25 billion. It is also planning to cut its operating...
Imagine U.S. President Donald Trump makes a deal with Saudi Arabia and Russia to cut oil production. Envisage Washington, Moscow and Riyadh going big, each cutting by one million barrels a day. Bullish, right? Now come back to the reality of today’s oil market, where demand is collapsing -- some traders say by 10...
Occidental Petroleum started reaching out to debt and equity investors about how to ease its $39 billion debt load after collapsing oil prices cast doubt on plans to raise cash via asset sales. The oil giant hosted calls this week about ways to meet upcoming maturities, with participants that included investors who typically buy...
The trading arm of a Chinese state-owned refiner is turning away crude from Russian energy giant Rosneft PJSC, the parent of a unit hit by U.S. sanctions. Sinochem International Oil (Singapore) on Monday sought crude for May-to-June delivery, company documentation seen by Bloomberg shows. While Sinochem didn’t say why it had excluded Rosneft Oil...
The impact of coronavirus on global renewables markets could make 2020 the first “down year” for solar power capacity addition since the 1980s. This according to BloombergNEF, which has revised down its February global solar photovoltaic demand outlook for the year from between 121 gigawatts (GW) and 152GW to between 108GW and 143GW –...
Russia stepped up its price war with Saudi Arabia by warning it can raise oil production, while also saying further cooperation with OPEC is possible. After the collapse of OPEC+ talks last week, Russia could increase output by as much as 500,000 barrels a day in the near future, Energy Minister Alexander Novak...
President Donald Trump plans to declare a national emergency on Friday over the coronavirus outbreak, invoking the Stafford Act to open the door to more federal aid for states and municipalities, according to two people familiar with the matter. Trump is under increasing pressure to act as governors and mayors nationwide step up actions...

Latest article

Nigeria joins oil war, makes brutal price cuts

…Selling barrels at record discounts to Brent…Traders see lackluster buying, weak demand from refiners Nigeria opened a new front...

Oil slips as OPEC-Texas agreement looks less likely

Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to...

Oxy nears truce with Icahn, adding new directors to its board

Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil...

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