The People’s Bank of China (PBoC) has jointly authorised Standard Bank and the Industrial and Commercial Bank of China (ICBC) to operate the Renminbi (RMB) Clearing Bank of Africa, giving businesses and financial institutions across the continent direct access to China’s onshore financial system for the first time. The appointment makes Standard Bank, the largest […]
In the latest sign of recovering oil flows in the Persian Gulf, Qatar inked a deal with a Taiwanese refiner for the sale of a cargo of Al-Shaheen crude. The deal follows the sale of Marine and Land Qatari crude to an Indian refiner last week, the sources also told the publication. Bloomberg also reported […]
Every quarter, the world’s largest institutional investors look at their portfolios, notice the ratios are off, and start moving enormous piles of money around to get back on target. This time, JPMorgan estimates that process will involve roughly $165 billion in equity selling and corresponding bond buying as June comes to a close. Who’s selling […]
Shipping in the Strait of Hormuz has plunged following Iran’s announcement that it has closed the waterway once again over Israel’s strikes on Lebanon, according to ship tracking data. A total of 12 vessels crossed the strait on Sunday, down from 35 transits the previous day, an analysis by maritime intelligence company Windward showed on […]
Equinor and its partners in the Troll gas field have decided to invest more than $400 million in a new subsea development to boost gas production from the huge Norwegian gas field in the North Sea. Equinor and its partners Petoro, Shell, TotalEnergies, and ConocoPhillips have decided to invest just over 4 billion Norwegian crowns, […]
Morgan Stanley and Goldman Sachs cut their forecast for oil prices towards the end of the year and 2027 following developments in the peace negotiations between the United States and Iran earlier this week. Morgan Stanley now sees Brent crude averaging $80 per barrel in the last quarter of 2026, and $90 per barrel in the […]
Oil prices plunged in early Monday trading in Asia after the U.S. and Iran announced a deal to reopen the Strait of Hormuz more than 100 days after its closure. At the time of writing, Brent crude had dropped 3.95% to trade at $83.88 per barrel, while WTI had fallen 4.62% to $80.96 per barrel. Oil prices, which peaked […]
The US government just rolled out the welcome mat for oil companies eyeing Venezuela’s vast crude reserves, but the mat comes with a lot of fine print. Through a series of amended general licenses issued by the Office of Foreign Assets Control (OFAC), the Trump administration has fundamentally reshaped the investment landscape for Venezuela’s energy […]
The energy giant said that a substantial oil-bearing reservoir was found in its Merlin-1X exploration well, which is part of Petroleum Exploration License 39 (PEL 39). It claims that the well produced some of the most promising geological data seen in the licensing area to date, including the existence of light crude oil and high-quality […]
The International Monetary Fund (IMF) said poverty in Nigeria has reached 63% of the population as conditions remain difficult for people amidst economic reform. In a statement released following its Article IV consultation with Nigeria, the IMF said strong reforms over the past three years have improved macroeconomic outcomes and strengthened resilience. The IMF said, […]