By Chris Bishop



Oil will recover to $43-a-barrel by the end of the year.



That was the word from commodity analyst Giovanni Staunovo at an online briefing by UBS that painted a slightly encouraging picture of the world economy.



The briefing heard that there had been an uptick in investment and retail interest in gold, despite under pressure central banks slowing purchases of bullion &#8211; which was a cushion for the world economy last year. Joni Teves a precious metals Strategist for UBS, said she believed the gold market would be well supported in 2021.



Oil was also likely to shake off its low price blues this year despite a drop in demand of 20%,largely because of COVID-19, in a market where supply has not fallen. &nbsp;&nbsp;&nbsp;



“In the short term there is downward pressure if we keep oil prices subdued,” says Staunovo.



“We will see 43 dollars a barrel at the end of the year. We will see mobility restrictions being removed and oil demand will be high, but it will still take time to recover by December. There will be a demand recovery in the third quarter and we will see more people flying than before and production is falling very quickly among OPEC and its allies.”

A second wave of COVID-19 will have ‘major consequences’ for the oil market, IEA warns

Oil to recover to $43 by December – UBS analyst

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Yesterday the price of West Texas Intermediate Crude fell below zero for the first time in history, meaning the sellers were ultimately paying buyers to take the oil. The COVID-19 pandemic has cut global oil demand by almost a third, and now it shows in the US oil market, but what does this all mean for Africa? International Relations Expert, Emery Nzirabatinya joins CNBC Africa for more.

COVID-19: What the oil price crash means for African economies

ABUJA (Reuters) &#8211; Nigeria will postpone all non-critical government spending and wait for better market conditions for a planned $3.3 billion eurobond offering due to the turmoil caused by the coronavirus pandemic, the finance minister said on Monday.



Minister Zainab Ahmed told journalists in Abuja that Africa’s largest economy will prioritize “major capital expenditures.” 



“Any expenditures that are not critical we must defer to do it at a later time when things become more normal,” she said. 



An oil price crash caused by the toxic mix of a coronavirus-induced slump in demand and the collapse of a supply-cutting deal between OPEC and other oil producers such as Russia, has forced Nigeria to revise its budget and alter its spending plans. 



The 10.59 trillion naira ($34.6 billion) budget included a benchmark of oil prices at $57 per barrel. On Monday, Brent crude slumped to roughly $30 per barrel. 



Ahmed also said the virus-induced market turmoil would impact external borrowing, including for the eurobond it planned to issue to partly fund its 2020 budget deficit. 



“We are not going out immediately because the market indication is not in favour of external borrowing at this time. Even if we get the approvals we will defer it and watch the market and go out only when the timing is right.” 



Borrowing costs for many riskier emerging markets have risen sharply in recent days, with all of Nigeria’s dollar-bonds now yielding between 12%-14% compared with yields of less than 3% on shorter-dated issues in mid-February. 



Last month, the Debt Management Office said it expected to appoint advisers for the eurobond issue through an open competitive bid process and expected to complete an approval process for the sale swiftly. 



 ($1 = 306.0000 naira) 



(Reporting by Camillus Eboh, additional reporting by Karin Strohecker in London, writing by Libby George, editing by Hugh Lawson)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN214196-OZABS">https://af.reuters.com/article/investingNews/idAFKBN214196-OZABS</a> and is republished with its permission.

Nigeria to delay non-critical spending, defer Eurobond sale

JOHANNESBURG (Reuters) &#8211; South Africa’s rand held steady in early trade on Friday as a pause in the global selloff of risk assets, triggered by panic over the coronavirus and tumbling oil prices, gave investors a chance to reassess positions ahead of the weekend. 



As of 0645 GMT, the rand was 0.69% firmer at 16.4500 per dollar, compared with Thursday’s session-low of 16.6150. 



The mood in financial markets improved somewhat on Friday, with Asian equities staging a recovery and U.S. stocks futures pointing to a firmer start on Wall Street as attention turned to a U.S. stimulus package. 



The turnaround came after assets across the developed and emerging markets saw record sell-offs on Thursday as investors scrambled for safe-havens even after the European Central Bank announced stimulus measures to fight the economic fallout from the coronavirus outbreak. 



Locally, stocks recorded their worst single-day fall in more than 22-years in the previous session, bonds saw their biggest selloff on record, and the rand hovered around the 16.50 mark, a level seen as a bearish technical gauge, especially with dollar back in vogue. 



The U.S. Federal Reserve’s move to pump $1.5 trillion of liquidity into the banking system quickened the flight to the greenback, but Friday was likely to see some profit-taking, traders said. 



“The rand has managed to make back some modest ground in early trade. Whether or not this can be sustained will depend on how risk conditions hold up as the markets remain fixated on coronavirus headlines,” economists at ETM Analytics said in a note. 



Bonds remained on the ropes with the yield on the government issued 2030 paper up 6 basis points at 9.855%. 



(Reporting by Mfuneko Toyana; Editing by Aditya Soni)



This article was fisrt published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN210102-OZABS">https://af.reuters.com/article/investingNews/idAFKBN210102-OZABS</a> and is republished with its permission.

South Africa’s rand steady as coronavirus-induced sell-off pauses

JOHANNESBURG (Reuters) &#8211; Shares in South African petrochemicals group Sasol surged nearly 30% on Friday as a recovery in oil prices sparked buying of the stock, which was pummelled in the previous session. 



Brent crude prices rose over 3% on Friday after falling more than 7% the day before, a drop which helped send Sasol shares to a 21-year low. 



“It does look like it was over down around 30 rand. Perhaps some opportunistic buyers are looking to get in at these low prices,” said Nilan Morar, trader at GT247. 



By 0808 GMT shares in Sasol were up 20.9% to 45.01 rand after hitting a high of 55.84 rand earlier in the session. 



(Reporting by Tanisha Heiberg; Editing by Jan Harvey)



This artcile was frst published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21010K-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21010K-OZABS</a> and is republished with its permission.

Shares in Sasol jump nearly 30% as oil price recovery sparks buying

Key Points



<ul><li>The International Monetary Fund (IMF) on Thursday said it will be working closely with the Nigerian authorities in the coming days to assess any vulnerabilities which may be exposed by the sharp decline in crude prices.</li></ul>



<ul><li>Nigerian dollar bonds sank to record lows stocks on Thursday hit a new four-year low, as fears grow over the devaluation of the naira currency.</li></ul>



With oil prices plunging amid concerns over a <a href="https://www.cnbc.com/2020/03/12/oil-the-losers-of-the-price-war-between-saudi-arabia-and-russia.html">price war between Russia and Saudi Arabia</a>, and the coronavirus outbreak obliterating stock markets, Africa’s largest economy is in a precarious position.



The International Monetary Fund (IMF) on Thursday said it will be working closely with the Nigerian authorities in the coming days to assess any vulnerabilities which may be exposed by the sharp decline in crude prices, as Nigerian and Angolan dollar bonds sank to record lows.



Nigerian stocks on Thursday headed for their fifth straight day of losses to a new four-year low, and a fall in <a href="https://www.cnbc.com/quotes/?symbol=@LCO.2">oil prices</a> to just over $30 per barrel, rising external debt and a depreciating currency pose a threat to economic stability in the country of more than 190 million people. Nigeria is Africa’s largest economy in terms of GDP (gross domestic product).



While markedly lower oil prices will undoubtedly have broad adverse consequences for the Nigerian economy, the country is not quite as dependent on oil exports as the likes of Angola, which analysts expect to suffer a substantial blow this year.



<h2 class="wp-block-heading">Currency concerns</h2>



However, a prime concern for economists is Nigeria’s managed naira exchange rate, since even prior to the fallout from OPEC’s failure to reach an agreement with Russia on oil production cuts, the country’s foreign exchange reserves were in steady decline.



After the official exchange rate was devalued in 2016, foreign exchange reserves were approaching $25 billion, and the move failed to stop the slide of the parallel market exchange rate, which meant the Central Bank of Nigeria (CBN) was forced to act again the following year when the Nafex (Nigerian Autonomous Foreign Exchange Rate) was implemented. Reserves held just below $30 billion during this period.



“Extrapolating the trajectory observed thus far this year (the foreign exchange buffer shrunk by $2.3 billion during the first two months of 2020) suggests reserves could fall below the $30 billion mark by Q3 (the third quarter) and end the year just above $25 billion,” NKC African Economics Chief West Africa Economist Cobus de Hart said in a note earlier this week.



Capital Economics Senior Emerging Markets Economist John Ashbourne on Wednesday echoed this projection, suggesting that reserves will soon fall below the $30 billion mark, which Nigerian policymakers had identified as a key benchmark.



Ashbourne predicted that the naira will end the year down 8% to 400 NGN against the U.S. dollar. He added that in Nigeria’s case, a weaker currency will not provide a boost to competitiveness, since the country does not have significant non-oil exports or the “domestic manufacturing base needed to substitute for imported goods.”



Reuters reported Thursday afternoon that the naira was being quoted at 370 to the dollar on the over-the-counter spot market.



<h2 class="wp-block-heading">‘Severe adverse consequences’</h2>



Parliament recently green lighted President Muhammadu Buhari’s request for $22.7 billion in foreign borrowing, but while external debt accumulation would usually be expected to support reserves, de Hart suggested that the sharp fall in global oil prices could potentially “more than offset” the boost.



“Firstly, should Brent crude oil prices average roughly $40pb (per barrel) for the remainder of the year, it would reduce Nigeria’s goods export receipts by roughly $14 billion (as opposed to our February baseline for oil prices to average $62.4 billion in 2020) — this may also be a conservative estimate, as it does not take into account any adverse impact on non-oil exports,” he said in the note Monday.



What’s more, Nigeria may have difficulty accumulating external debt following the fall in oil prices and its impact on the macroeconomic outlook, while the jittery investment environment raises the risk of a capital flight, de Hart highlighted.



Having previously backed the authorities to ride out the storm and maintain its foreign exchange rate at current levels in the immediate future, NKC analysts now believe that the naira’s prospects have “deteriorated markedly” and remains set for a “sharp fall” this year if current conditions persist.



The CBN will again be faced with the choice of whether to let the Nafex buckle or continue to artificially prop it up.



“We believe the CBN will continue to provide support in the near term, with a more drastic adjustment more likely in Q3,” de Hart projected.



“If the Nafex is not permitted to buckle, then the black-market rate should, and this might hold more severe adverse consequences for an economy that is now facing a gloomier outlook on multiple fronts.”



This article was first published on CNBC <a href="https://www.cnbc.com/2020/03/13/africas-largest-economy-braces-for-big-hit-as-oil-prices-plummet.html">https://www.cnbc.com/2020/03/13/africas-largest-economy-braces-for-big-hit-as-oil-prices-plummet.html</a> and is republished with its permission.

Africa’s largest economy braces for big hit as oil prices plummet

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Plummeting oil prices and a continued surge in global coronavirus cases has caused markets around the world to nosedive today, with Nigeria confirming its second case of COVID-19 in the country. Traders say they expect the movement in the price of Brent crude to guide demand in the bond space. Victor Aluyi joins CNBC Africa to discuss the impact on Nigeria&#8217;s fixed income and FX Markets.

Traders: Oil price drop & second COVID-19 case in Nigeria to scare investors

Global markets tumble on oil price war

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Oil prices plunged over 26 per cent after a breakdown in talks in Vienna last week as OPEC failed to reach a deal with its allies on production cuts. In the face of an all-out price war, how can Africa&#8217;s oil producers like Nigeria stay ahead? Kola Karim, Chairman of Shoreline Group and Usoro Essien, Head of Research at Vetiva Capital joins CNBC Africa for more.

Oil price crash: How can Africa’s oil producers stay ahead?

<a href="https://www.cnbc.com/arjun-kharpal/"> Arjun Kharpal</a><a rel="noreferrer noopener" href="https://twitter.com/ArjunKharpal" target="_blank"> @ARJUNKHARPAL</a> KEY POINTS



<ul><li>The value of the entire cryptocurrency market fell over $26 billion on Monday. </li><li>Bitcoin, the biggest cryptocurrency by value, fell 10% in 24 hours. </li><li>Other big digital coins ethereum, XRP and bitcoin cash, posted double-digit losses.  </li><li>The sell-off in digital coins followed a plummet in oil prices. </li></ul>



Cryptocurrency markets plunged following a plummet in oil prices and further sell-off in stocks.&nbsp;



The market capitalization or entire value of cryptocurrencies was down$26.43 billion from a day earlier at around 1:17 p.m. Singapore time, according to data from Coinmarketcap.com. The sell-off worsened as the day went on.&nbsp;



<a href="https://www.cnbc.com/quotes/?symbol=BTC=">Bitcoin</a>, the biggest cryptocurrency by value, fell over 10% in 24 hours at around the same time.



READ: <a href="https://www.cnbcafrica.com/coronavirus/2020/03/09/african-european-markets-set-to-plunge-on-oil-price-crash-and-coronavirus-spread/">African, European markets set to plunge on oil price crash and coronavirus spread </a>



The violent sell-off in the cryptocurrency market comes after international oil benchmark&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=@LCO.1">Brent crude</a>&nbsp;futures&nbsp;<a href="https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html">plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016.</a>&nbsp;That was sparked by Saudi Arabia slashing its official selling prices for oil after OPEC failed to agree a deal on production cuts. This has led to fears of an oil price war. Brent has since pared some of its losses.&nbsp;



Meanwhile, stock markets in Japan and Hong Kong&nbsp;<a href="https://www.cnbc.com/2020/03/09/asia-markets-oil-prices-coronavirus-currencies-in-focus.html">fell sharply</a>&nbsp;while U.S. stocks are&nbsp;<a href="https://www.cnbc.com/2020/03/08/dow-futures-drop-700-points-as-all-out-oil-price-war-adds-to-coronavirus-stress.html">set for a steep drop</a>&nbsp;at start of trading on Monday.&nbsp;



The other big digital coins&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=ETH=">ethereum</a>,&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=XRP.BS=">XRP</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=BCH.CB=">bitcoin cash</a>, posted double-digit percentage point losses.&nbsp;



Despite the losses posted Monday, bitcoin is up around 9% year-to-date.&nbsp;



Huge moves in cryptocurrency prices are not unusual and these digital coins are known for their volatility. Market players however said this could be an opportunity to buy some bitcoin.



“For those who have long term investment horizons, bitcoin is absolutely a buy during these dips,” Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups told&nbsp;CNBC. “We can expect more of this volatility sparked by macro health and financial shocks, but ultimately long term investments in the digital future and it’s key asset Bitcoin will be a winning strategy”&nbsp;

Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge

<a href="https://www.cnbc.com/id/47723405"> Holly Ellyatt</a><a rel="noreferrer noopener" href="https://twitter.com/@HollyEllyatt" target="_blank">@HOLLYELLYATT</a> KEY POINTS



<ul><li>African markets are expected to open lower. London’s FTSE index is seen opening 423 points lower at 6,046, the German DAX down 651 points at 10,900, the French CAC down 310 points at 4,834 and Italy’s FTSE MIB down 1,823 points at 18,982, according to IG.</li></ul>



African and European markets are expected to open sharply lower at the start of trade Monday as global investors brace for the the spread of the coronavirus and oil prices fall after the collapse of OPEC talks.



London’s&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=.FTSE">FTSE</a>&nbsp;index is seen opening 423 points lower at 6,046, the German&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=.GDAXI">DAX</a>&nbsp;down 651 points at 10,900, the French&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=.FCHI">CAC</a>&nbsp;down 310 points at 4,834 and Italy’s&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=.FTMIB">FTSE MIB</a>&nbsp;down 1,823 points at 18,982, according to IG.



European markets are set to follow their Asian counterparts lower Monday; stocks in Asia saw steep declines on Monday afternoon as&nbsp;<a href="https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html">oil prices plunged</a>&nbsp;after OPEC failed to strike a deal with its allies on production cuts. The declines in markets in the region were exacerbated by fears surrounding the coronavirus spread.



<a href="https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html">Oil prices plunged more than 30% after OPEC’s failure to strike a deal with its allies</a>&nbsp;regarding production cuts caused&nbsp;Saudi Arabia to slash its prices as it reportedly gets set to ramp up production. That’s led to fears of an all-out price war.



<a href="https://www.cnbc.com/2020/03/08/opec-deal-collapse-sparks-price-war-20-oil-in-2020-is-coming.html">Saudi Arabia’s price cut followed a breakdown of talks in Vienna last week</a>. On Thursday, OPEC recommended additional production cuts of 1.5 million barrels per day starting in April but OPEC ally Russia rejected the additional cuts. With no deal in place when the current one expires at the end of the month, producers could soon pump as much oil as they want.



<a href="https://www.cnbc.com/2020/03/09/coronavirus-latest-updates-china-skorea-impact-on-markets-and-economy.html">Coronavirus continues to dominate market sentiment too</a>.&nbsp;More than 106,000 people have now been infected by the virus and more than 3,600 have died globally, according to the latest figures from the World Health Organization. U.S. cases have now topped 500 and at least 21 deaths have been reported.



Meanwhile, the number of confirmed cases in Germany jumped by more than 100 over the weekend and is now up to nearly 800. Italy remains the European country with the worst outbreak, with over 7,000 cases. The U.K. government is holding an emergency meeting Monday to discuss further measures to halt the spread of the virus.



On the data front, Germany releases monthly industrial output figures; there are no major earnings Monday.



— CNBC’s Eustance Huang and Pippa Stevens contributed reporting to this story.



This article first appeared on CNBC <a href="https://www.cnbc.com/2020/03/09/european-markets-plunge-as-coronavirus-spreads-further-and-oil-slumps.html">https://www.cnbc.com/2020/03/09/european-markets-plunge-as-coronavirus-spreads-further-and-oil-slumps.html</a> and is republished with its permission

African, European markets set to plunge on oil price crash and coronavirus spread

KEY POINTS



<ul><li>Nigeria’s $34.6 billion Budget for 2020 was benchmarked on an oil price of $57 per barrel. It expected crude oil sales to contribute 35 percent of government revenue. The oil prices&#8217; plunge has forced the Nigerian government to review its budget. </li></ul>



 By <a href="https://www.cnbc.com/pippa-stevens/">Pippa Stevens</a><a rel="noreferrer noopener" href="https://twitter.com/@PippaStevens13" target="_blank">@PIPPASTEVENS13</a><a href="https://www.cnbc.com/eustance-huang/">and Eustance Huang</a><a rel="noreferrer noopener" href="https://twitter.com/EustanceHuang" target="_blank">@EUSTANCEHUANG</a> Oil prices plunged after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.



<a href="https://www.cnbc.com/quotes/?symbol=@CL.1">U.S. West Texas Intermediate crude</a>&nbsp;dropped 29.48% to $29.11 per barrel as of 05:50 GMT Monday, having earlier tumbled to a low of $27.34 per barrel. International benchmark&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=@LCO.1">Brent crude</a>&nbsp;futures also plummeted 27.26% to $32.93 per barrel.



“This has turned into a scorched Earth approach by Saudi Arabia, in particular, to deal with the problem of chronic overproduction,” Again Capital’s John Kilduff said. “The Saudis are the lowest cost producer by far. There is a reckoning ahead for all other producers, especially those companies operating in the U.S shale patch.”



On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to a Reuters report. The kingdom currently pumps 9.7 million barrels per day, but has the capacity to ramp up to 12.5 million barrels per day.<a></a>



“We believe the OPEC and Russia oil price war unequivocally started this weekend when Saudi Arabia aggressively cut the relative price at which it sells its crude by the most in at least 20 years,” Goldman Sachs analyst&nbsp;Damien Courvalin said in a note to clients Sunday. “The prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with the significant collapse in oil demand due to the coronavirus,” the firm added.



Goldman cut its second and third quarter Brent forecast to $30 per barrel, and said that prices could dip into the $20s.



Saudi Arabia’s price cut followed a breakdown of talks in Vienna last week. On Thursday, OPEC recommended additional production cuts of 1.5 million barrels per day starting in April and extending until the end of the year. But OPEC ally Russia rejected the additional cuts when the 14-member cartel and its allies, known as OPEC+, met on Friday.



The meeting also concluded with no directive about the production cuts that are currently in place but set to expire at the end of the month. This effectively means that nations will soon have free rein over how much they pump.



“As from 1 April we are starting to work without minding the quotas or reductions which were in place earlier,” Russian Energy Minister Alexander Novak told reporters Friday at the OPEC+ meeting in Vienna, adding, “but this does not mean that each country would not monitor and analyze market developments.”&nbsp;



Oil prices have already moved sharply lower this year as the coronavirus outbreak has led to softer demand for crude. A potential supply glut could pressure prices further.



“Both events – coronavirus and OPEC+ falling apart were not expected or priced into the market a month ago,” said Rebecca Babin, senior equity trader for CIBC Private Wealth Management. She said the key things to watch going forward are whether or not Saudi Arabia and Russia reach a “Hail Mary” deal, and if not, how quickly U.S. supply is shut in to support prices.



“There is still significant uncertainty, but the commodity market is not waiting around to find out if miracles can happen,” she added.



The unfolding of events is reminiscent of 2014 when Saudi Arabia, Russia and the U.S. competed for market share in the oil industry. As production escalated, prices plummeted. Some see prices heading back to those lows.&nbsp;



″$20 oil in 2020 is coming,” Ali Khedery, formerly Exxon’s senior Middle East advisor and now CEO of U.S.-based strategy firm Dragoman Ventures, wrote Sunday on Twitter. “Huge geopolitical implications. Timely stimulus for net consumers. Catastrophic for failed/failing petro-kleptocracies Iraq, Iran, etc &#8211; may prove existential 1-2 punch when paired with COVID19.”



But others, including Eurasia Group,&nbsp;believe that Saudi Arabia and Russia will eventually come to an agreement.&nbsp;



“The most likely outcome of the failure of the Vienna talks is a limited oil price war before the two sides agree on a new deal,” analysts led by&nbsp;Ayham Kamel said in a note to clients Sunday. The firm puts the chances of an eventual agreement at 60%.&nbsp;



Vital Knowledge founder&nbsp;Adam Crisafulli said Sunday that oil “has become a bigger problem for markets than the coronavirus,” but also said that he does not foresee prices falling to the Jan. 2016 lows.&nbsp;



“Saudi Arabia can’t tolerate an oil depression – the country’s fiscal breakeven oil prices remains very high, Saudi Aramco is now a public company, and MBS’s grip on power isn’t yet absolute. As a result, the [government] won’t be so cavalier in sending oil back into the $30s (or even lower),” he said in a note to clients Sunday.



— CNBC’s <a href="https://www.cnbc.com/michael-bloom/">Michael Bloom</a> and <a href="https://www.cnbc.com/natasha-turak/">Natasha Turak</a> contributed reporting.



This article first appeared on CNBC <a href="https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html">https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html</a> and is republished with its permission

US crude prices drop below $30 a barrel after OPEC deal failure sparks price war, oil-dependent economies left vulnerable

Oil rises on hopes of OPEC cut: A wrap of Nigerian markets

“Oil prices will continue to react to coronavirus outbreak” – ECOB CEO Emmanuel Odiaka

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Ahead of OPEC’s meeting this week, oil prices rose by more than four per cent from multi-year lows earlier, as hopes of a deeper cut by the oil producing club and stimulus from Central Banks fuelled the rebound. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa me for more.

Oil prices decline to their lowest since 2018

Oil prices decline to their lowest since 2018, these are the main drivers behind the slide

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Joining CNBC Africa to unpack how COVID-19 has affected global oil prices is Christopher Haines, Oil Analyst at Energy Aspects.

The impact of COVID-19 on global oil prices

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Nigeria’s Department for Petroleum Resources (DPR) says the life index for the country’s oil reserves is approximately 49 years, inherently placing a timeline on how long Nigeria can continue to generate revenue from its oil wealth. Yomi Olugbenro, Partner and West Africa Tax Leader at Deloitte Nigeria joins CNBC Africa to discuss ways Nigeria can improve its revenue sources in preparation for a future without oil.

oil price

Oil to recover to $43 by December – UBS analyst

COVID-19: What the oil price crash means for African economies

Nigeria to delay non-critical spending, defer Eurobond sale

South Africa’s rand steady as coronavirus-induced sell-off pauses

Shares in Sasol jump nearly 30% as oil price recovery sparks buying

Africa’s largest economy braces for big hit as oil prices plummet

Traders: Oil price drop & second COVID-19 case in Nigeria to scare investors

Global markets tumble on oil price war

Oil price crash: How can Africa’s oil producers stay ahead?

Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge

African, European markets set to plunge on oil price crash and coronavirus spread

US crude prices drop below $30 a barrel after OPEC deal failure sparks price war, oil-dependent economies left vulnerable

Oil rises on hopes of OPEC cut: A wrap of Nigerian markets

“Oil prices will continue to react to coronavirus outbreak” – ECOB CEO Emmanuel Odiaka

Oil prices decline to their lowest since 2018, these are the main drivers behind the slide

The impact of COVID-19 on global oil prices

Is Nigeria ready for a future without oil revenues?

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Shares in Sasol jump nearly 30% as oil price recovery sparks buying

Africa’s largest economy braces for big hit as oil prices plummet

Traders: Oil price drop & second COVID-19 case in Nigeria to scare investors

Global markets tumble on oil price war

Oil price crash: How can Africa’s oil producers stay ahead?

Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge

African, European markets set to plunge on oil price crash and coronavirus spread

US crude prices drop below $30 a barrel after OPEC deal failure sparks price war, oil-dependent economies left vulnerable

Oil rises on hopes of OPEC cut: A wrap of Nigerian markets

“Oil prices will continue to react to coronavirus outbreak” – ECOB CEO Emmanuel Odiaka

Oil prices decline to their lowest since 2018, these are the main drivers behind the slide

The impact of COVID-19 on global oil prices

Is Nigeria ready for a future without oil revenues?

News Tips

Advertise With Us

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