The International Monetary Fund (IMF) has warned that the ongoing war in the Middle East is casting a shadow over the global economy, threatening recovery and triggering widespread disruptions. In a blog post by top officials, the IMF said the conflict, beyond its human toll, is “upending lives and livelihoods” while weakening growth prospects for economies […]
Nigeria’s State oil giant eyes New York, London IPO as $20 billion project signals investor revival.
Speaking at the recent CERAWeek by S&P Global conference in Houston, Group Chief Executive Officer Bayo Ojulari said the company is prioritising internal reforms over speed, signalling a cautious but deliberate approach towards an eventual Initial Public Offering. “Our strategy is not just about listing, but about building the right fundamentals, transparency, cost efficiency, and […]
As Big Oil executives gathered this week and discussed the biggest-ever disruption to global energy supplies due to the war in Iran, there was one impact they did not address publicly: the multibillion-dollar windfall they will make because of soaring prices for the energy they sell. Global benchmark Brent crude has so far averaged around US$97 (RM388.78) per barrel in March, up 33% […]
Angola is set to raise $2.5 billion through the sale of dollar-denominated bonds, betting that higher oil prices driven by the Iran–Israel conflict will attract strong investor demand. Africa’s third-largest oil producer is offering $1.5 billion in seven-year bonds at a yield of 9.375% and $1 billion in 11-year bonds at 9.875%, according to a […]
Oil prices fell sharply in early asian trade on Wednesday, with both major benchmarks dropping more than 5% as traders reacted to signs of potential de-escalation in the Middle East conflict as well as a crude inventory build in the U.S. At the time of writing, WTI crude was trading at $87.51, down 5.24%, while Brent crude had fallen […]
Europe could experience energy shortages before the end of April, the chief executive of Shell has warned. Jet fuel supply has already tightened, and a diesel squeeze could be next, with gasoline supply tightening as well, as the continent nears peak fuel demand season in the summer, Wael Sawan said. “South Asia was first to […]
QatarEnergy has declared force majeure on some of its long-term liquefied natural gas (LNG) supply contracts, including for customers in Italy, Belgium, South Korea and China. The move on Tuesday comes amid production and supply disruptions caused by the United States-Israeli war on Iran. Force majeure is a clause in contracts that allows a party to be […]
Oil prices dropped more than 13 percent on Monday after US President Donald Trump said he will order the military to postpone any strikes against Iranian power plants and energy infrastructure for five days. Trump’s move followed a threat by Iran to attack Israel’s power plants and those supplying US bases across the Gulf region […]
Brent crude is seen averaging $85 per barrel this year, and West Texas Intermediate could see an average price of $79, Goldman Sachs commodity analysts said in a note released Sunday. They added that the supply loss from the crisis is going to peak at 17 million barrels daily. The price update is from an […]
Saudi Arabia is slashing its crude oil exports to Asia in April, for a second month in a row, as the de facto closed Strait of Hormuz is stranding most of the supply from the world’s top crude exporter. Saudi oil giant Aramco has notified customers of term supply in Asia that they would receive […]