Tag: Saudi Arabia
Alibaba founder Jack Ma is stepping down from the board of SoftBank after the company’s Vision Fund posted record-breaking losses of $18 billion.
The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the oil market in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections.
Brent crude futures plummeted further and are currently hovering around $19 a barrel after falling about 10 per cent on increased concerns over a building supply glut and a lack of available storage. Kola Karim, Chairman of Shoreline Group joins CNBC Africa for more.
As Nigeria extends the lockdown for another 14 days, OPEC and Allies agreed to cut oil production by 9.7 million barrels from the first of May, through to the end of June.
Oil prices rose in trade this morning as the world’s largest oil producers meet later today in what is expected to be a historic agreement to cut production. This market expectation comes at a time when the industry is battling with the impact of the coronavirus crisis on oil demand. Rui Oliveira, CEO at BFA Asset Management joins CNBC Africa to give an Angolan update of the COVID-19 outbreak.
Brent crude futures have climbed since Friday on hopes that Saudi Arabia and Russia will hold talks and eventually strike a deal to cut output. Ahead of the crucial meeting, Kola Karim, Chairman of Shoreline Group joins CNBC Africa for more.
Saudi Arabia's ministry of energy says its crude output topped 12 million barrels for the first time in history on Wednesday, a day after the output cut agreement by OPEC and its allies elapsed. Oil prices shed nearly 70 per cent in the first quarter of the year and uncertainties around the coronavirus pandemic is still weighing on prices. Joining CNBC Africa to discuss how the global oil dynamics impacts Nigeria, Oyeyemi Oke, an Oil & Gas Lawyer and a Partner at A02 Law.