West Africa

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

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...

A survey shows that OPEC's oil production fell for a second consecutive month in January. This was due to a decline in exports, primarily from Nigeria and Iran, which offset a recovery in the United Arab Emirates, where maintenance on fields had reduced output in December. According to a survey released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26,53 million barrels of oil per day in December, a decrease of 50,000 bpd compared with the revised December total. Nigeria and Iran saw the biggest drops. The modest drop in production came at a time when the...

The government has granted permission to Russia's biggest oil companies to continue gasoline sales until the end February. This extends a waiver that was due to expire this Friday. The Russian government lifted the temporary ban at the end of November on gasoline exported by the majority of producers. However, the restrictions were extended to other exporters, such as independent traders or re-sellers until January 31. These restrictions will continue to be in effect in February. The first ban on gasoline imports was implemented in March of last year in response to a steep rise in wholesale fuel costs and...

Nigeria and the United States signed an agreement on Friday to repatriate about $52.88 million in possessions forfeited by previous Nigerian oil minister Diezani AlisonMadueke and her partners. The agreement breaks the ice for the first repatriation to Nigeria of properties outside the West African nation linked to Alison-Madueke. Nigerian Justice Minister Lateef Fagbemi stated the arrangement with the U.S. enables the repatriation of approximately $52.88. million arising from the loss of the Galactica assets,. linked to the previous Petroleum Resources Minister Diezani. Alison-Madueke and her partners. The agreement follows a 2017 civil grievance filed by the. U.S. Justice Department...

Nigeria has actually stepped up its drive to punish oil theft in the Niger Delta region as it goals to increase nationwide production to 3 million barrels per day in 2025. Africa's leading oil manufacturer, which relies on the commodity for around two-thirds of state earnings and more than 90% of foreign currency revenues, has been struck by large-scale oil theft that has curbed government financial resources in the last few years. While the government estimates oil output at around 2.06 million barrels each day (bpd) in next year's budget plan, actual production hovers around 1.8 million bpd, according to...

India's November crude imports revealed Middle Eastern oil at a 9month high while Russia accounted for its smallest share in 3 quarters, ship tracking data obtained from sources showed. Refiners in India have actually been making a pig of on cheaper Russian oil regardless of problems postured by sanctions targeted at lowering Moscow's. oil profits to money its war in Ukraine. The world's third biggest oil importer and consumer in. November delivered in 13% less Russia oil compared with October at. 1.52 million barrels per day (bpd), about 32% of India's total. intake, the information revealed. It imported 2.28 million...

Nigeria's Dangote Refinery is now operating at 85% capability and is on course to provide Europeanstandard items by January, an executive said on Friday. The 650,000-barrel-per-day Dangote oil refinery constructed by Nigerian billionaire Aliko Dangote in Lagos intends to compete with European refiners when operating at complete capability however had actually been having a hard time to protect enough crude in your area. We have actually increased to 550,000 bpd, that is 85% capability in unrefined distillation, Edwin Devakumar, head of the refinery, told Reuters. The refinery was required to source crude from global markets following a dispute with the...

The Nigerian government's plan to offer unrefined priced in the regional currency is failing, with refiners, including the giant Dangote Oil Refinery, saying they are still not able to protect adequate materials. To address obstacles in accessing foreign currency, the government in July stated it would sell crude priced in naira to local refineries for an initial six months starting in October. We need 650,000 barrels each day, (state oil company NNPC Ltd). consented to provide a minimum of 385,000 bpd however they are not even. delivering that, stated Edwin Devakumar, head of the Dangote. refinery. The refinery constructed by...

Nigeria's state oil firm NNPC stated on Thursday it had increased oil production to 1.8 million barrels per day (bpd), with the possibility of getting to 2 million bpd by yearend. Oil production at Africa's leading crude exporter was approximated at 1.3 million bpd in October, according to manufacturer group OPEC's newest report. Nigeria frequently counts condensate production of around 250,000 bpd as part of its production. The NNPC stated the boost was an outcome of collective efforts with its joint endeavor operators and its partners on production-sharing agreements, along with security firms and the federal government. The group has...

The Dangote Oil Refinery has capability to produce winter season diesel for the European market, an executive stated on Tuesday, a more sign of its capacity to disrupt the global refining market. The refinery developed by Nigerian billionaire Aliko Dangote on the borders of Lagos is expected to hit production of 550,000 barrels daily (bpd) this year, equivalent to 85% of its 650,000-barrel capacity. It started operations in January with output of products consisting of naphtha and jet fuel and started processing gas in September. We will have surplus production for export in all our items - gas, diesel, jet...

Nigeria's Dangote oil refinery has a stockpile of 500 million litres of fuel, its billionaire creator stated, countering claims by online marketers who asserted they required to supplement Dangote's supplies with imports to meet fuel lacks. Nigeria's President, Bola Tinubu, had summoned oil regulators, the head of the state-owned NNPC, the finance minister, and Aliko Dangote to a meeting in Abuja on Tuesday. The function was to examine a policy requiring NNPC to offer petroleum to the Dangote refinery in local naira currency in an effort to ease forex pressure and help the mega refinery safe sufficient crude to meet...

Eramet, a French mining company, maintained its full-year production targets on Thursday despite lower manganese and Nickel volumes which contributed to flat sales in the first quarter. The company reported quarterly sales adjusted to 742 million euros (842 million dollars) and said that sales volumes at its manganese mining in Gabon were down 15% on an annual basis due to a strike by workers and logistical issues at Owendo Port. Eramet, the Indonesian nickel ore miner, attributed this decline to destocking of local processing plants. The Chairwoman and CEO Christel Bories also attributed the "more difficult" than expected first quarter...

Two sources familiar with the situation have confirmed that the Malian authorities closed the Canadian miner Barrick Gold’s office in Bamako due to alleged non-payments of taxes. This is the latest in a long-running dispute over mining revenue. Barrick Gold didn't immediately respond to an inquiry for comment. It had previously denied all wrongdoing. Since 2023, the Toronto-based miner has been involved in a dispute with Mali over the new mining code of the West African nation that grants Mali's Government a larger share in the mine. One source said that staff in Bamako could not access the office. The...

According to a Friday night decree broadcast on state TV, Guinea's junta chief has pardoned Moussa Camara, a former military leader who was found guilty last year of crimes against humanity for a 2009 stadium shooting. Camara, the man who took power in 2008 in a coup, was sentenced on July 31, 2024 to 20 years of prison for his part in the killing of at least 157 during a rally pro-democracy in a stadium near the capital Conakry. Tens of thousands gathered on September 28, 2009 to pressure Camara to not stand in the presidential election that year. In...

In a memo that was seen on Saturday, Barrick Gold's chief operating officer for Africa & the Middle East stated in a memo that it remains "fully committed and engaged" to finding a resolution with Mali which is mutually beneficial to both parties. Since 2023, the Canadian miner Barrick and the Malian government are locked in a dispute over the new mining code of this West African nation. This code gives the Malian state a larger share in Barrick’s Loulo-Gounkoto Gold Mining Complex. Barrick announced on 13 January that it had been forced to suspend its mining operations in Mali...

After a series of recent accidents that left dozens of people dead, Mali has suspended the granting of permits for artisanal mining to foreigners. In the gold-rich Kayes Region, 43 people were killed by the collapse of an artisanal mine on 15 February. Thirteen artisanal miner, including three women and two children, died in southwest Mali on January 29 after a gold-digging tunnel flooded. A statement stated that the Mali Council of Ministers, in response to these deaths, decided to suspend the grant of permits for artisanal mining "to foreign nationals" at their weekly meeting held on Wednesday. The statement...

Jean-Claude Diplo told a leading industry official that the Ivory Coast is expecting to reach a record gold production this year. The mine Lafigue, which opened in 2024, will be a major contributor. To diversify income sources, the world's biggest cocoa producer wants to develop its neglected mining sector. Lafigue, located 500 km north-east of Abidjan, the commercial capital of West Africa, and operated by Endeavour Mining (a London-listed company), is expected to produce 180,000 to 210,000 ounces gold in 2025. Diplo's term as head of the mining association GPMCI, which ended on Friday evening, stated that Ivory Coast gold...

Four people with knowledge of the development said on Wednesday that the Canadian miner Barrick Gold signed a new deal with the Malian Government to end a dispute dating back almost two years over its mining assets. Sources say that Barrick has already signed the contract and now it's up to Mali to approve the deal. Official announcements could be made as soon as Thursday. A second source stated that despite a deal being close, it could still be derailed by last-minute hurdles. Since 2023, the Toronto-based miner has been in dispute with Mali over the new mining code of...

A head of a union in the industry said that 43 people, mainly women, died after a gold mine collapsed on Saturday in western Mali. Taoule Camara of the National Union of Gold Counters and Refineries (UCROM) said that the accident occurred near the town Kenieba, in Mali's richly gold-rich Kayes Region. He said that the women were looking for gold in open pits left by industrial miner to find scraps when they fell into the earth. The spokesperson for the Mines Ministry confirmed that the accident occurred between Kenieba Dabia but refused to provide further details, as the ministry...

The Mali government announced that Canadian miner Robex had signed a new contract with the country to operate the Nampala mine located about 300 km south of Bamako. The mine has been operated by the company since 2017, but the new mining codes of Africa's 2nd largest gold producer require international companies to pay more taxes and give up larger stakes in assets. Robex, a company that has expressed its discontent with the new legislation by stating in September that it wanted to sell Nampala but had not yet received a reasonable offer. In a statement released by the Mali...

Gold companies will have to loosen up the new Mali mining law that raises taxes, and aims to give large stakes of assets to local investors and the state. The new rules require companies in Africa's 2nd largest gold producer to give a 35% stake of their new projects to Malian Investors - an increase from the previous 20% - and to raise royalty tax to 10% from around 6%. Three gold mining CEOs from West Africa spoke on the sidelines at the African Mining Indaba, which was held in Cape Town. They said that the new rules made it...

Democratic Republic of Congo has actually launched a probe into the embezzlement of over $300. million from state miner Gecamines between 2012 and 2020, the. justice ministry stated in a statement on Saturday. Gecamines, which holds minority stakes in several of the. world's biggest copper and cobalt projects, has actually long been dogged. by allegations of corruption made by non-governmental. organisations and opposition politicians. Congo's public financial resources watchdog, the General Inspectorate. of Financial Resources (IGF), discovered in 2022 that more than $400 million in. tax advances and loans that Gecamines said it paid to the. nationwide treasury might not...

About 3 metric tons of gold taken by authorities in Mali from Canadian miner Barrick Gold's. LouloGounkoto mining complex is now being held at Malian. stateowned Banque Malienne de Solidarite (BMS), two sources. told Reuters. Reuters reported on Monday that, in an escalation of their. long-running dispute with the company, Malian authorities had. seized gold worth $245 million to be transferred to BMS in the. capital Bamako. Barrick on Tuesday verified it had actually suspended operations in. the West African country which the federal government had moved gold. stock from the miner's Loulo-Gounkoto site to an unnamed bank. Eyewitnesses at...