Browsing: crude oil price

Shell and Equinor sign LNG project with Tanzania.

Only last December, the OPEC (and partners) coalition agreed to chop oil output by 1.7 million bpd, and in turn, Saudi Arabia agreed to cut its output by 400,000 bpd. However, Moscow is now backing away from more cuts in production because reducing production would give breathing room to the already suffering US producers. 

The US remains unmoved. It refuses to lower output despite the falling oil prices that have seen Washington suffer a minus US$4 in oil futures. Meanwhile, the Kremlin’s response has been to flood the market with even more oil output to push prices down.

While US oil producers have previously proved to be rather resilient to low prices, managing to counterbalance prices as low as US$30 per barrel in the past (see details below), they may not fare so well this time around. 

The shale producers were already suffering over the last year as Moscow waged …

Total Energies

As a gigantic energy superpower, Russia’s foreign direct investment (FDI) accounts for less than 1 per cent of Africa’s total FDI.

However, African Business argued that, with Russia being a small trading partner to Africa compared to the United States and China, the impact on trade would be marginal—yet few Africa developing economies such as Uganda will be more exposed.

Further, United Nations Conference on Trade and Development (UNCTAD) data show that Russia accounts for 2 to 3 per cent of Africa’s trade with the world—most of it is exports.

“Russia also accounts for 2 per cent of the world’s exports to Africa, and only 0.5 per cent imports from the continent” African Business.…