Africa

According to a summary shared by a source in the market, Nigeria's Dangote refinery released a tender Tuesday for 128,000 metric tonnes of residual fuel oil to be sold in April. Summary showed that the 650,000 barrels per day (bpd), Dangote refinery, will close its tender on Wednesday, 1200 GMT. It is looking for buyers of 88,000 tons low-sulfur straight run fuel oil, and 40,000 tonnes of slurry for loading between April 10-12. The refinery didn't immediately respond to our request for comment. According to IIR, Dangote's 204,000 barrels per day gasoline production unit will be shut down for 30...

Four sources said that OPEC+ would likely stick with its plan to increase oil production for a second month in a row in May. This is despite the steady price of oil and plans to make some members reduce their pumping to compensate past overproduction. OPEC+, a group consisting of OPEC producers and allies led by Russia and pumping over 40% of world oil. The group plans to increase its output by 135,000 barges per day in the month of May. This would be the second increase in a plan that aims to undo some of the millions barrels per...

The Tunisian president Kais Saied fired Prime Minister Kamel Mddouri, less than one year after his appointment. He named Sara Zaafarani to replace him, amid a faltering economic situation and an increasing number of migrants coming from sub-Saharan Africa. Zaafarani is an engineer and has served as Minister of Equipment and Housing in 2021. He is the third Prime Minister to be elected in less than two and a half years. Saied has been harshly criticizing the performance of many ministers in recent months. He said that they had not met the standards required and that Tunisians have high expectations....

As part of their efforts to prevent the recent escalating tensions between factions from turning into a new war, a group of East African countries called on South Sudan's Government to release officials detained and lift security measures. South Sudan is officially at peace after a 2018 deal that ended a five year civil war in which forces loyal to President Salvakiir fought against those loyal to First Vice President Riek Machar, and nearly 400,000 died. The relationship between the two rivals who have dominated the political scene of the oil producer for decades remains strained. Many people believe that...

The Gulf's stock markets fell on Tuesday morning as U.S. trade tariffs threatened an increase in global trade tensions. Saudi Aramco also disappointed investors with its disappointing earnings. The new tariffs of 25% on imports to the United States from Mexico and Canada, as well as a 20% increase on Chinese goods, went into effect on Tuesday. This sparked new trade disputes with three of the U.S.'s top trading partners. Saudi Arabia's benchmark stock index fell 1.1%. Saudi Aramco fell 2.2% after a decline in profit. The oil giant reported Tuesday a net loss of $106.2 billion for 2024. This...

The flow of Russian naphtha to Asia fell to an all-time low in February after new drone attacks on Russian refinery infrastructure. This led to higher prices in the East for the raw plastic material. Naphtha can be used as a feedstock to produce petrochemicals, which are then used in the production of plastic bottles, electric vehicle components and consumer products. Since Washington announced tougher sanctions against entities in the Russian oil business, Asian refiners have seen their profits from making naphtha increase by around 40%. Industry sources have said that the risk of Russian supplies could complicate a global...

The Portuguese oil company Galp announced on Tuesday that it had discovered significant amounts of light oil and condensate gas in a well at Namibia's Mopane Field, creating new exploration opportunities. This has sent its shares sharply up. Initial estimates of the Mopane oil and gas discovery by Galp were at least 10 billion equivalent barrels. The company has drilled four wells in 2024 in order to explore and appraise the first hub of the Mopane Complex in the northwest region. A fifth well was drilled last month in the southeast region. In a press release, it said that the...

Malaysia's Petroliam Nasional Bhd, the state-owned energy company, reported a decline in profits in 2024, compared with a year earlier, due to global volatility, lower oil prices, and geopolitical tensions and economic uncertainty. The firm also warned of future market challenges. Petroliam Nasional (or Petronas) reported a profit of $55.1 billion after taxes in 2024, compared to $80.7 billion in 2023. In 2024, revenue fell from 343.6 billion to 320 billion Ringgit. Capital investments in 2024 were 54.2 billion Ringgit compared to 52.80 billion Ringgit in the year 2023. Tengku Muhammad Taufik Tengku Aziz, Petronas' Chief Executive Officer, said that...

Sudan's Army said Sunday that it had retaken control of el-Gitaina from the Rapid Support Forces, located just south of capital. It also broke the siege of the paramilitary groups on the strategic western city of el-Obeid. Last week, activists reported that three days of RSF attack near Gitaina in White Nile State, which is emerging as a major battleground in central Sudan as the army gains territory, had resulted in more than 200 deaths. The conflict that broke out in April 2023 as a result of a power struggle between RSF and army has caused the death of tens...

On Thursday, a top Swiss court found that a former Gunvor employee had corrupted officials in the Republic of Congo for oil contracts. This is the first time that a corruption case in Switzerland's commodities trading industry, worth $80 billion, has been brought to court. This follows the conviction of Trafigura, a rival trading firm, and a former executive in a corruption case involving Angolan Oil Deals last month. The Swiss Federal Criminal Court released a statement on Thursday that the ruling concerned bribes worth over $35 million, intended at least in part for Congolese officials, over an 18-month period...

FID is expected to end in 2026, not by the end of 2025 Production capacity has dropped to 150,000 barrels a day from 160,000 The country has been discovered by fellow majors PARIS, February 5 - CEO Patrick Pouyanne stated on Wednesday that the French oil major TotalEnergies will make a final decision on investment in its Namibian oil discovery by 2026. The project would produce 150,000 barrels a day. This is down from the initial 160,000 barrels a day that was discussed during its Investor Day in October. Pouyanne's previous target for the decision date on FID was 2025....

S witzerland’s top criminal court found Trafigura, a former executive and a company guilty of corruption on Friday in a case involving the payment made to an Angolan government official in exchange for oil contract. The court ordered that the trading house pay $148 million as fines and compensation, and sentenced Mike Wainwright, a former employee of itss to 32 months imprisonment. Of this time 12 months must be served. You can appeal the decision to the same court. This is the first case in Switzerland where a company was charged with corruption of an official from abroad. It's also...

The shares of Australia's Paladin Energy fell on Wednesday, reaching their lowest level in almost two years. This was after the company retracted its production forecasts for fiscal 2025 citing operational disruptions at its flagship Namibian mine. According to the company, the temporary operational stop at Langer Heinrich Mine was due to a "rainfall event that occurs once every fifty years." The ASX-listed miner's shares fell 9.1% in early trading to A$5.81. This is their lowest level since May 2023, and they are the worst performing stock on the benchmark index. Paladin stated that the weather conditions in Namibia caused...

Gold Road Resources shares reached a new high on Tuesday. This was a day following the rejection of Gold Fields' $2.1billion acquisition offer, which they deemed to be a significant undervaluation. Gold Road Resources stock rose as high as 15.5%, reaching a record-high of A$2.830 in the morning. As of 0145 GMT, it was trading at a 13.9% gain. Gold Fields made an offer to the Australian explorer on Monday after market hours, which it rejected because it was "highly opportunistic". Gold Road's offer would have paid A$3.05 per share ($1.92) to Gold Road shareholders. This year, gold miners have...

The de facto ceasefire that had been agreed between Congolese and Rwandan rebels in Walikale, a town located in eastern Congo, appeared to have collapsed on Monday. The rebels reneged on their promise to withdraw from the area and accused the army of breaking its own promises. The M23 rebels are hopeful about a possible ceasefire in Walikale. Captured last week The hope that diplomatic efforts would be revived to end the largest conflict in eastern Democratic Republic of Congo for decades was briefly sparked. This conflict is rooted in the long-lasting fallout of the 1994 Rwandan genocide and the...

Angola is stepping down as the mediator for parties in an intensifying Rwanda-backed rebel offensive against eastern Congo. A different African country will now take over to help bring peace talks back to track, announced the presidency on Monday. M23, led by ethnic Tutsi, has escalated its long-running rebellion in this year. They have taken control of east Congo's largest cities since January. Angola President Joao Lurenco, who is currently rotating African Union (AU), has tried to mediate a ceasefire lasting and reduce tensions between Congo, and Rwanda, the neighbouring country, which was accused of supporting M23. Rwanda denies that....

Gold Road Resources, a South African company that competes with Gold Fields in the mining industry, has refused a buyout offer of A$3.3 billion (2.07 billion dollars) from its larger competitor. Gold Road's shareholders would have received A$3.05 for each share under Gold Fields offer made earlier in the month. This represents a premium of 24.5% over Monday's closing prices. Gold Fields' offer was to consolidate ownership of the Gruyere Gold Mine in Western Australia. This joint venture between Gold Road and Gold Fields. Gold Fields, a South African gold miner, said that despite subsequent discussions it was disappointed by...

Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain. As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence. Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne. The Congo conflict is a serious problem for the global market. Not only are units being...

Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain. As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence. Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne. The Congo conflict is a serious problem for the global market. Not only are units being...

Copper prices fell from their five-month high on Friday as concerns about U.S. Tariffs and disappointing data from China, the world's largest metals consumer, dampened purchasing activity. The benchmark three-month copper price on the London Metals Exchange rose 0.1% to $9,797 per metric tonne by 1030 GMT. It had previously reached $9,850 a metric tonne, its highest level since October 9. Prices fell after the new lending by banks in China in February was lower than expected from its record high of the previous month. Nitesh Sha, a commodity strategist with WisdomTree, said that the price of copper would be...

AVZ Minerals, an Australian company, announced on Friday that it had won a court case against the Democratic Republic of Congo and China's Zijin Mining for the rights to the Manono Lithium Mine. It is now in negotiations with U.S. parties about raising funds for the project. The International Court of Arbitration of the International Chamber of Commerce ordered DRC state-owned Cominiere, to pay a fine of 39.1 millions euros ($42.46million) for failing to comply with orders earlier to cease any action terminating its joint enterprise with AVZ. AVZ originally held the permit for the development of the Manono Project,...

Alphamin Resources, which has halted its mining operations in the Democratic Republic of Congo, has halted the production of tin. Alphamin Resources announced on Thursday the halting of activity at the Bisie Tin Mine in Congo's North Kivu "after insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo". Shanghai's most actively traded tin contract rose 8.8% on Friday to 288,450 Yuan ($40212.16) per metric ton at 0346 GMT after reaching the upper limit by 10% in the morning Asian trade session. The benchmark three-month tin price on the London Metals Exchange increased 0.6% to $35,110...

Anglo American began a consultation in South Africa and the United Kingdom to reduce jobs. This is part of a wider restructuring that aims to refocus its operations on iron ore and copper mining. The company will spin off Anglo American Platinum by the middle of this year as part of its strategic overhaul. The company also sold its nickel and coal assets, and intends to divest the De Beers diamond division. Bloomberg News reported earlier that Anglo planned to cut even more jobs from its corporate office. According to the report, people who have knowledge of the situation said...

Alphamin Resources' shares fell further in Toronto on Friday after the miner announced that it had temporarily stopped its tin mining operations in the volatile eastern region of the Democratic Republic of Congo as rebels advanced toward the operations. Early trading in Toronto saw a drop of up to 36%. Alphamin shares have fallen 52% this year according to LSEG. The company announced that activities at the Bisie tin mining site in Congo's North Kivu were halted after "insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo," according to a statement. Alphamin stated that "all...