<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="default"
    data-video-id="6133154463001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/default_default/index.min.js">
</script><br />
The International Energy Agency says oil demand is set to fall this quarter for the first time since the financial crisis in 2009 on the back of the coronavirus outbreak in China. Meanwhile, oil producer group, OPEC and its allies have agreed to cut output by 1.7 million barrels per day until the end of March this year to support the market. So how will these dynamics in the oil market impact Africa? Wale Olafisan, Group Managing Director of Amni International Petroleum Company joins CNBC Africa for more.</p>


Amni’s Wale Olafisan on the future of Africa’s oil and gas sector

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="default"
    data-video-id="6131500872001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script
  src="//players.brightcove.net/1571595826001/default_default/index.min.js">
</script><br />
Recently, it was announced that South Sudan was preparing to host its first oil and gas bidding round in March, the news comes with new reforms being introduced by the country&#8217;s Minister of Petroleum to develop the local oil industry. Executive Secretary from the Office of the Minister of Petroleum, Akol Nyok Akol joins CNBC Africa for more.</p>


South Sudan’s oil sector reforms to improve trade

South Sudan’s oil sector reforms to improve trade, empower local communities

<p><iframe loading="lazy" src="https://www.youtube.com/embed/cPlzg6ad1jE" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Oil prices continue to stray further from its early January peak of above $70 a barrel owing to oversupply in the market. The spread of Coronavirus, with a death toll of over 900 persons, has caused a fall in oil demand in China, the world’s largest oil importer. Uchenna Minnis, Managing Partner at BluFX Nigeria joins CNBC Africa to discuss the implication of this on Nigeria’s economy&#8230;.</p>


Coronavirus outbreak dampens oil demand in China

Coronavirus outbreak dampens oil demand in China, here’s how this impacts the Nigerian economy

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="default"
    data-video-id="6130075385001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script
  src="//players.brightcove.net/1571595826001/default_default/index.min.js">
</script><br />
Okomu Oil Palm recorded a 35.2 per cent decline in its full-year profit after tax for 2019. The company’s Managing Director and CEO, Graham Hefer joins CNBC Africa to discuss the earnings.</p>


Illegal imports weigh on Okomu Oil’s FY earnings


<p>By Chris Bishop</p>



<p>Gold was a topic that glistered throughout the Mining Indaba in Cape Town this week. Its price continues to climb &#8211; more than 12% in the last year alone – and the interest in digging more of it up in Africa is growing.</p>



<p>There are around 190,000 tonnes of gold in the world and
demand for it is outstripping supply. A report from the World Gold Council circulated,
at the Mining Indaba, said annual supply of gold was 3400 tonnes while demand
was at 4500 tonnes. The demand is being driven by central banks who are buying
a pile of the yellow metal every year. In 2018, central banks bought 656 tonnes
– the biggest amount since major economies came off the gold standard – and
last year another 650 tonnes. The buoyant demand is being put down to economic
jitters around the world and the eroding of trust in the dollar.&nbsp; </p>



<p>“The gap between demand and supply is being filled by
recycled jewellery but there are not enough new gold mines being built,” says
John Reade, the head of research for the World Gold Council.</p>



<p>[<strong>WATCH</strong>] <a href="https://www.cnbcafrica.com/videos/2020/02/05/miningindaba2020-has-gold-production-peaked/">#MiningIndaba2020:
Has gold production peaked?</a></p>



<p>Reade, who worked in South African mines for Gencor,
believes now mines will come on stream, but slowly, with hopes of a 30%
increase by 2029. He said growth in gold mines was unlikely to be seen in South
Africa where environmental and regulatory concerns were dampening new
investment.</p>



<p>In South Africa, also, the deep narrow shafts of the gold
mines, some going down as far as four kilometres, were making the seams
expensive and hazardous to mine by many of the 93,150 people who work in the
operations. The Minerals Council of South Africa also warned at the Mining
Indaba of the bitter and costly harvest of power cuts in the country. In 2019,
according to the latest MCSA report, gold production fell by 13.5 %, to 101.3
tonnes, largely due to power cuts of up to 3000MW at a time.&nbsp; </p>



<p>No matter, say the West Africans who appear poised to profit
from growing gold demand. West Africa has a competitive advantage over the more
established gold fields in the south. Its deposits are shallow, easy to get to
and largely under exploited. It is a sign of the times that the winner of the
investment battlefield contest – where people put their mining projects before
a panel of experts – was a 2.2 million oz open cast gold project in Cote D’Ivoire
that hopes to be 3 million oz before the end of the year.</p>



<p>Both Ghana and Nigeria are working on their mining codes to
ease the cost of doing business to encourage more capital.</p>



<p>Nigeria, in particular, has high hopes, even though its
mining is in its infancy and the whole economy struggles from a lack of
electricity. <br>
“We are sorting out this power problem and we hope to one day export more gold
than oil from Nigeria,” says the minister of mines and steel development
Olamilekan Adegbite.</p>



<p>The minister needs a golden touch combined with steel
resolve to see it through.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>



<p><strong>[WATCH]</strong> <a href="https://www.cnbcafrica.com/videos/2020/02/05/miningindaba2020-nigerias-gold-exportation-has-potential-to-surpass-oil-and-gas-minister-olamilekan-adegbite/">#MiningIndaba2020: “Nigeria’s gold exportation has potential to surpass oil and gas” – Minister Olamilekan Adegbite</a></p>


#MiningIndaba2020: How Nigeria wants to become the gold coast as well as the oil capital

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="default"
    data-video-id="6129772751001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script
  src="//players.brightcove.net/1571595826001/default_default/index.min.js">
</script><br />
Nigeria’s Minister for Mines and Steel Development, Olamilekan Adegbite, says the country will hopefully export gold officially for the first time in history by the end of the year, as the construction of a mine for its gold project in Osun State is ongoing. He spoke to CNBC Africa’s Chris Bishop on the side-lines of the African Mining Indaba in Cape Town.</p>


#MiningIndaba2020: “Nigeria’s gold exportation has potential to surpass oil and gas” – Minister Olamilekan Adegbite

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="default"
    data-video-id="6129473455001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script
  src="//players.brightcove.net/1571595826001/default_default/index.min.js">
</script><br />
OPEC and non-OPEC’s Joint Technical Committee has scheduled a meeting on the 4th and 5th of February in Vienna to assess the impact of China’s new coronavirus on oil demand. As oil continues to trade below $60 a barrel, Kola Karim, Chairman of Shoreline Group joins CNBC Africa to discuss what this means for Nigeria’s economy.</p>


Here’s how Coronavirus outbreak impacts oil markets and Nigerian economy


<p><a href="https://www.cnbc.com/elliot-smith/">Elliot Smith</a><br><a rel="noreferrer noopener" href="https://twitter.com/@ElliotSmithCNBC" target="_blank">@ELLIOTSMITHCNBC</a></p>



<p>

KEY POINTS</p>



<ul><li>The death toll rose to 80 as of the end of Sunday, according to Chinese officials, with more than 2,700 people now infected.</li><li>A fifth case in the U.S. has now been confirmed and the virus has been detected in Singapore, South Korea, Australia, Canada, France, Japan, Malaysia and Vietnam.</li><li>The flight from risk comes amid concerns about a possible economic fallout from the virus, with experts recalling the impact of the SARS crisis in 2003.</li><li>The pan-European Stoxx 600 fell 1.7% early in the trading session, while in the U.S., Dow futures indicated a plunge of almost 400 points at the open on Wall Street.</li><li> Africa&#8217;s largest stock exchange&#8217;s JSE All-Share Index fell 2.4%. </li></ul>



<p>Investors worldwide have been spooked by the rapid spread of the Chinese coronavirus, with stock markets around the globe sharply lower on Monday.</p>



<p>The death toll rose to 80 as of the end of Sunday, according to Chinese officials, with more than 2,700 people now infected. A fifth case in the U.S. has now been confirmed and the virus has been detected in Singapore, South Korea, Australia, Canada, France, Japan, Malaysia and Vietnam.</p>



<p>Africa&#8217;s largest stock exchange&#8217;s JSE All-Share Index fell 2.4% in intra-day trade, pan-European <a href="https://www.cnbc.com/quotes/?symbol=.STOXX">Stoxx 600</a> fell 1.7% early in the trading session, while in the U.S., <a href="https://www.cnbc.com/quotes/?symbol=.DJI">Dow</a> futures indicated a plunge of almost 400 points at the open on Wall Street.</p>



<p>While most markets in Asia were closed for the Lunar New Year, Japan’s&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=.N225">Nikkei 225</a>&nbsp;fell by more than 2% in afternoon trade while the Topix slipped 1.6%.</p>



<p>The flight from risk comes amid concerns about a possible economic fallout from the virus, with experts recalling the impact of the SARS crisis in 2003. At a press conference on Sunday, China’s top health official said the virus’s transmission ability is strengthening.</p>



<iframe width=560 height=349 src=https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&#038;byGuid=7000118986 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ></iframe>



<p>In a note Monday morning, Danske Bank Chief Analyst Allen von Mehren said that the Chinese economy is likely to take a short-term hit and a possible GDP (gross domestic product) reduction of one percentage point in the first half of 2020.</p>



<p>“The SARS epidemic lasted three to four months but it is hard to say if this is any guide. While the government response is faster, the new virus seems to be spreading faster. It is too early to judge when it will get under control,” von Mehren said.</p>



<p>Traditional so-called safe haven assets surged on Monday.&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=@GC.1">Spot gold</a>&nbsp;was trading up by 0.78% at just below $1,582.6 a troy ounce early in the European session, while the&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=JPY=">Japanese yen</a>&nbsp;changed hands at 109 against the dollar. The&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=CHF=">Swiss franc</a>&nbsp;was also among the strongest-performing currencies.</p>



<p>Government debt prices also surged, sending bond yields tumbling. The yield on the benchmark&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=US10Y">U.S. 10-year Treasury</a>&nbsp;note fell to 1.6218% to hit its lowest since October, while the&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=US30Y">30-year Treasury bond</a>&nbsp;yield slid to 2.0825%.</p>



<p>The yield on the German&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=DE10Y-DE">10-year Bund</a>&nbsp;plummeted to -0.3550% while U.K.&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=UK10Y-GB">10-year Gilt</a>&nbsp;yields fell to 0.543%, their lowest since October 10.</p>



<p>Danske Bank analysts projected that the Chinese service sector is likely to take the main hit this time around, and is much bigger than it was during the SARS epidemic, now standing at 54% of GDP versus 42% in 2003.</p>



<p>From a global perspective, China now accounts for 19% of the global economy in purchasing power parity (PPP) adjusted terms versus 9% in 2003.</p>



<p>A mitigating factor could be that the import content of the service sector is much smaller than in manufacturing, but the uncertainty is likely to cause some global economic spillover, von Mehren suggested.</p>



<p>“Hence, there is a clear risk that the expected recovery in growth and PMIs (Purchasing Managers’ Index) could be somewhat delayed or at least be more muted. As in China, the effect should be temporary, though,” he added.</p>



<p>“We are in uncharted waters as a virus of this kind has not taken place in the more modern economy that China is today, with much wider transport networks and being more integrated with the global economy.”</p>



<p><em>This article first appeared on CNBC <a href="https://www.cnbc.com/2020/01/27/global-stock-markets-roiled-as-chinas-coronavirus-spreads.html">https://www.cnbc.com/2020/01/27/global-stock-markets-roiled-as-chinas-coronavirus-spreads.html</a> and is republished with its permission </em></p>


World markets roiled as China’s coronavirus spreads

<div style="max-width: 700px;"><video-js data-account="1571595826001" data-player="default" data-embed="default" controls="" data-video-id="6125858814001" data-playlist-id="" data-application-id="" class="vjs-fluid"></video-js></div>
<p><script src="https://players.brightcove.net/1571595826001/default_default/index.min.js"></script></p>
<p>Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva says he is optimistic that the Petroleum Industry Bill will be passed before May. As 2020 marks the start of a new decade, what future awaits Nigeria’s oil and gas sector without the PIB? Gbenga Biobaku, Senior Partner at Gbenga Biobaku &#038; Co. joins CNBC Africa for more.</p>


PIB motion to be passed before May – what does this mean for Nigeria’s oil and gas sector?

<div style="max-width: 700px;"><video-js data-account="1571595826001" data-player="default" data-embed="default" controls="" data-video-id="6124276336001" data-playlist-id="" data-application-id="" class="vjs-fluid"></video-js></div>
<p><script src="https://players.brightcove.net/1571595826001/default_default/index.min.js"></script></p>
<p>According to World Bank, South Sudan&#8217;s economy recovered with a growth rate estimated at 3.2 during the financial year 2018/2019 from a contraction of 3.5 per cent during the 2017/2018 financial year. These developments reflect activity in the oil sector which rebounded strongly. Also, the country&#8217;s total public debt during the fiscal year 2018/2019 was estimated at 34.2 of Gross Domestic Product (GDP) of which external debt is 30.2 per cent. Parek Maduot, Director of Economic Development &#038;Regional Integration at ICGLR joins CNBC Africa for more.</p>


South Sudan’s rebounding oil sector the catalyst behind growing economy

<div style="max-width: 700px;"><video-js data-account="1571595826001" data-player="default" data-embed="default" controls="" data-video-id="6123158950001" data-playlist-id="" data-application-id="" class="vjs-fluid"></video-js></div>
<p><script src="https://players.brightcove.net/1571595826001/default_default/index.min.js"></script></p>
<p>Oil prices are up over 30 cents, supported by an initial trade deal between the United States and China. Meanwhile, the International Energy Agency (IEA) says surging oil production from non-OPEC countries will help the market weather political shocks. Uchenna Minnis, Managing Partner at BluFX Nigeria joins CNBC Africa for more.</p>


Oil gains after US-China trade deal

<div style="max-width: 700px;"></div>
<p><script src="https://players.brightcove.net/1571595826001/default_default/index.min.js"></script></p>
<p>Following the recent tensions in the Middle East oil prices have risen this week with many investors falling into safe havens of gold and palladium which is positive for South Africa but what does this mean for the country’s oil businesses? Rajen Reddy, Executive Chairman of KZN OILS joins CNBC Africa for more.</p>


What rise in prices mean for oil businesses and investors in SA

<div style="max-width: 700px;"><video-js data-account="1571595826001" data-player="default" data-embed="default" controls="" data-video-id="6120672079001" data-playlist-id="" data-application-id="" class="vjs-fluid"></video-js></div>
<p><script src="https://players.brightcove.net/1571595826001/default_default/index.min.js"></script></p>
<p>For an analysis of global markets, Per Magnus Nysveen, Oil Analyst from Rystad Energy joins CNBC Africa for more.</p>


Global oil prices drop in the midst of U.S-Iran tensions

<div style="max-width: 700px;"></div>
<p><script src="https://players.brightcove.net/1571595826001/default_default/index.min.js"></script></p>
<p>The price of oil spiked this morning following the latest attack in the Middle East as Iran fired more than a dozen ballistic missiles against two Iraq military bases that housed U.S led coalition troops. Joining CNBC Africa to unpack more on this tension is Head of Department of International Relations at the University of the Witwatersrand, Rod Alence.</p>


Head of IR at Wits Rod Alence on international implications of Iran-U.S tensions on oil prices

How the U.S.-Iran tensions impact global oil prices

<div style="max-width: 700px;"><video-js data-account="1571595826001" data-player="default" data-embed="default" controls="" data-video-id="6120621696001" data-playlist-id="" data-application-id="" class="vjs-fluid"></video-js></div>
<p><script src="https://players.brightcove.net/1571595826001/default_default/index.min.js"></script></p>
<p>Iran launched over a dozen ballistic missiles on multiple bases housing U.S troops in Iraq, in a retaliation attack that spiked oil prices to four-month highs to over $71, after which prices settled to about $69 dollars and 83 cents per barrel. Rolake Akinkugbe-Filani, Managing Director for EnergyInc Advisors joins CNBC Africa to discuss trends that will shape the oil markets this year.</p>


How latest Iran midnight attacks are likely to shape African oil markets this year


<ul><li>Saudi oil output edges lower</li><li>Nigeria cuts supply but still exceeds quota</li><li>Angolan output posts biggest rise after maintenance</li><li>Output by country, compliance:</li></ul>



<p>By Alex Lawler</p>



<p>LONDON, Jan 6 (Reuters) &#8211; OPEC oil output fell in December as Nigeria and Iraq adhered more closely to pledged reductions and top exporter Saudi Arabia made further cuts ahead of a new production-limiting accord, a Reuters survey found.</p>



<p>On average, the 14-member Organization of the Petroleum Exporting Countries pumped 29.50 million barrels per day (bpd) last month, according to the survey. That is down 50,000 bpd from November&#8217;s revised figure.</p>



<p>Crude prices have rallied to above $70 a barrel in 2020, extending a 23% gain in 2019, supported by ongoing OPEC-led curbs and increased Middle East tensions after the killing of a top Iranian general. This has increased concern of conflict that could further cut supply.</p>



<p>&#8220;Looking ahead, geopolitical risks will remain front and centre of investor concerns,&#8221; said Stephen Brennock of oil broker PVM.</p>



<p>&#8220;A tense waiting game has begun to see if the fallout will lead to a disruption in regional oil supplies.&#8221;</p>



<p>OPEC, Russia and other allies, known as OPEC+, had an agreement to reduce supply by 1.2 million bpd in 2019. OPEC&#8217;s share of the cut was about 800,000 bpd, to be made by 11 members, with exemptions for Iran, Libya and Venezuela.</p>



<p>At meetings in December, OPEC+ agreed to make an additional cut of 500,000 bpd as of Jan. 1, 2020.</p>



<p>The 11 OPEC members bound by the agreement easily exceeded the pledged cuts, thanks in large part to Saudi Arabia and its Gulf allies cutting more than called for to support the market.</p>



<p>The December survey suggests Nigeria and Iraq, both laggards in making cuts in 2019, achieved some progress. Compliance rose to 158% in December, the survey found, from 153% in November.</p>



<p>NIGERIAN DROP</p>



<p>OPEC&#8217;s largest production drop of 80,000 bpd was in Nigeria, which exported less crude according to ship-tracking data and loading schedules.</p>



<p>Much of this decline came from reduced shipments of Bonga crude, which traders say has been undergoing maintenance.</p>



<p>OPEC&#8217;s two top producers, Saudi Arabia and Iraq, each reduced output by 50,000 bpd. This puts Saudi supply more than 500,000 bpd below its 2019 target. Iraq&#8217;s compliance, at 59%, is far lower than Saudi Arabia&#8217;s but is up from 23% in November.</p>



<p>The United Arab Emirates made a further voluntary curb in December, while Kuwaiti output was steady.</p>



<p>Among countries pumping more, the largest increase was in Angola, which boosted exports after maintenance affecting the Girassol crude stream had curbed supplies.</p>



<p>Venezuela, which is contending with U.S. sanctions imposed on state oil firm PDVSA and a long-term decline in output, managed a small boost to supply with exports increasing in December.</p>



<p>Production from the other two exempt producers Libya and Iran edged lower.</p>



<p>The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data and information provided by sources at oil companies, OPEC and consultants.</p>



<p>(Additional reporting by Rania El Gamal; Editing by David Evans)</p>


OPEC oil output slips in December as Nigeria, Iraq comply more

<div style="max-width: 700px;"><video-js data-account="1571595826001" data-player="default" data-embed="default" controls="" data-video-id="6115555601001" data-playlist-id="" data-application-id="" class="vjs-fluid"></video-js></div>
<p><script src="https://players.brightcove.net/1571595826001/default_default/index.min.js"></script></p>
<p>The International Monetary Fund (IMF) says its outlook for Ghana remains favourable and expects the country’s growth to average around 5 per cent over the next few years supported by new potential oil discoveries and mining. The fund disclosed this following the conclusion of its Article IV Consultation with Ghana. As Ghana heads into an election year in 2020, John Ashbourne, Senior Emerging Markets Economist at Capital Economics joins CNBC Africa for an outlook on Ghana’s economy.</p>


oil price

Amni’s Wale Olafisan on the future of Africa’s oil and gas sector

South Sudan’s oil sector reforms to improve trade, empower local communities

Coronavirus outbreak dampens oil demand in China, here’s how this impacts the Nigerian economy

Illegal imports weigh on Okomu Oil’s FY earnings

#MiningIndaba2020: How Nigeria wants to become the gold coast as well as the oil capital

#MiningIndaba2020: “Nigeria’s gold exportation has potential to surpass oil and gas” – Minister Olamilekan Adegbite

Here’s how Coronavirus outbreak impacts oil markets and Nigerian economy

World markets roiled as China’s coronavirus spreads

PIB motion to be passed before May – what does this mean for Nigeria’s oil and gas sector?

South Sudan’s rebounding oil sector the catalyst behind growing economy

Oil gains after US-China trade deal

What rise in prices mean for oil businesses and investors in SA

Global oil prices drop in the midst of U.S-Iran tensions

How the U.S.-Iran tensions impact global oil prices

How latest Iran midnight attacks are likely to shape African oil markets this year

OPEC oil output slips in December as Nigeria, Iraq comply more

IMF: How new oil discoveries and mining will impact Ghana’s economic outlook

News Tips

Advertise With Us

oil price

Amni’s Wale Olafisan on the future of Africa’s oil and gas sector

South Sudan’s oil sector reforms to improve trade, empower local communities

Coronavirus outbreak dampens oil demand in China, here’s how this impacts the Nigerian economy

Illegal imports weigh on Okomu Oil’s FY earnings

#MiningIndaba2020: How Nigeria wants to become the gold coast as well as the oil capital

#MiningIndaba2020: “Nigeria’s gold exportation has potential to surpass oil and gas” – Minister Olamilekan Adegbite

Here’s how Coronavirus outbreak impacts oil markets and Nigerian economy

World markets roiled as China’s coronavirus spreads

PIB motion to be passed before May – what does this mean for Nigeria’s oil and gas sector?

South Sudan’s rebounding oil sector the catalyst behind growing economy

Oil gains after US-China trade deal

What rise in prices mean for oil businesses and investors in SA

Global oil prices drop in the midst of U.S-Iran tensions

How the U.S.-Iran tensions impact global oil prices

How latest Iran midnight attacks are likely to shape African oil markets this year

OPEC oil output slips in December as Nigeria, Iraq comply more

IMF: How new oil discoveries and mining will impact Ghana’s economic outlook

News Tips

Advertise With Us

Newsletters