Tag: oil price
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.
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.
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'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.
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....
Gold was a topic that glistened throughout the Mining Indaba in Cape Town this week. Its price continues to climb - more than 12% in the last year alone – and the interest in digging more of it up in Africa is growing.
#MiningIndaba2020: “Nigeria’s gold exportation has potential to surpass oil and gas” – Minister Olamilekan Adegbite
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.
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.