Browsing: Saudi Arabia

According to data obtained from Egypt’s Central Agency for Public Mobilization and Statistics, the value of trade between Egypt and Saudi Arabia increased by 62.1 per cent to US$9.1 billion in 2021, up from US$5.6 billion in 2020. This figure represents a significant increase.

Increased by 17.3 per cent from US$1.9 billion in 2020 to US$2.2 billion in 2021, the value of Egyptian exports to Saudi Arabia reached US$2.2 billion in 2021.

The value of Egyptian imports from the Kingdom increased by 84.5 per cent, reaching US$6.9 billion in 2021, compared to US$3.7 billion in the previous year.…

On March 8, Saudi and Emirati leaders snubbed US President Joe Biden over the Ukraine crisis.

Reports, according to the Wall Street Journal,  show that the White House unsuccessfully tried to build international support for Ukraine and contain a rise in oil prices. The Middle East and US officials quoted by the WSJ indicated that the calls were because of an increase in oil prices caused by Russia’s invasion of Ukraine. Saudi Arabia’s and the UAE’s authorities declined to speak with Biden.

Is the writing in the wall for the US now that it allies have become unresponsive in recent weeks?

In the first week of March, OPEC+, which includes Russia, refused to raise oil production.

OPEC+ consists of 13 OPEC members and 10 of the world’s major non-OPEC oil-exporting countries. The OPEC+ entity aims to regulate oil supply to set the world market price.…

According to official statistics Zimbabwe has started reaping the benefits of a stellar agricultural season after cereal imports, including maize, dropped to 1,9 percent in the five months to May 2021 from 9,1 percent in January.

Statistics from May’s trade report released by the Zimbabwe National Statistical Agency (Zimstat) show that maize output for this season is projected at a record 2,7 million tonnes, about 193,1 percent up from 0,9 million tonnes produced in last season.

The maize output will be complemented by increases in the output of other grains, including sorghum, pear millet and finger millet, a situation that has led to low grain imports, especially after outright ban of maize shipments by the Government.

In Mid-May Zimbabwe suspended maize imports after the country recorded a bumper maize harvest, this was according to Reserve Bank of Zimbabwe Governor John Mangudya who said in a press conference, saying that …

Oil prices have plummeted heralding a tough time ahead- at least in the foreseeable near future- for oil exporters in Africa.

The chaos started when Saudi Arabia and Russia disagreed over production cuts leading to the oil price war which has led to the huge oil price drops the last of which were witnessed the 1991 Gulf War.

This tiff came after Russia refused to cut production as requested by the Organisation of the Petroleum Exporting Countries (OPEC) due to the reduced oil demand occasioned by the Covid-19 coronavirus pandemic. With Saudi Arabia retaliating, the world is now experiencing the biggest drop in oil prices to around $30 per barrel.

Africa’s most affected sectors, hope for survival

While this is happening miles away from Africa, oil exporters on the continent have not been spared. Nigeria and Angola are particularly affected with their economies registering the negative effects of the slump …