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☆ Exxon declares force majeure on crude liftings in Nigeria
▼ + stars: | 2023-04-17 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

[1/2] A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File PhotoHOUSTON, April 17 (Reuters) - Exxon Mobil Corp. (XOM.N) in Nigeria declared force majeure on oil liftings from different terminals in the country following industrial action by the company's in-house workers union, the company said on Monday in a statement. In the third quarter last year, production in Nigeria fell behind Angola to about 1 million bpd as companies like Shell PLC (SHEL.L) and TotalEnergies (TTEF.PA) exited the country amid widespread corruption and security issues. Nigeria produced 1.38 million bpd in February, according to OPEC's latest report. "We will continue to take all reasonable actions necessary to resolve the impasse as soon as possible," Exxon spokesperson Michelle Gray said in a statement on Monday.

☆ Viktor Bout, the 'Merchant of Death' arms dealer exchanged for Brittney Griner, says he fears for Trump's life and urged him to flee to Russia
▼ + stars: | 2023-04-14 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Arms dealer Viktor Bout, nicknamed the "Merchant of Death," is asking Trump to flee to Russia. He sent Trump a telegram, warning him to escape charges in New York and that his "life is in peril." Bout said Trump would find "safe haven" in Russia, where he could rebel against "globalists." They would sooner end your life than let you stand in their way," Bout's message read, Russian state media first reported. A photo of Bout's telegram, posted by Russian state media on the messaging app Telegram, shows the message was addressed to Trump's Mar-a-Lago club in Florida.

☆ IMF urges Asia to keep monetary policy tighter for longer
▼ + stars: | 2023-04-13 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

REUTERS/Siphiwe SibekoSummarySummary Companies IMF revises up this year's Asia-Pacific growth f'castChina's reopening to underpin Asia's recoveryImpact of global banking stress on Asia limited - IMFWASHINGTON, April 13 (Reuters) - Asian central banks may need to keep monetary policy "tighter for longer" to combat still substantial inflation risks, senior International Monetary Fund official Krishna Srinivasan said on Thursday. The latest forecast implies the region will contribute over 70% of global growth this year, Srinivasan said. The IMF expects China's economy to expand by 5.2% in 2023, higher than the previous year's 3.0% growth. "China's reopened economy is rebounding strongly, and this will generate positive spillovers to its trading partners, providing fresh momentum for Asia's growth," he said. "Unless strains increase and raise broad-based stability concerns, central banks should separate monetary policy objectives from financial stability goals," he said.

WASHINGTON, April 13 (Reuters) - Angola's next sovereign debt issuance will be an ESG bond of up to $1 billion, its finance minister told Reuters on Thursday, but she added that the southern African oil producer's government would not tap the market this year. "We are open to get funding from whoever is interested to participate," she said. But any ESG issuance will be the first one for us, so we want to start with the hard work." "We are very cautious about the moment to step into the markets because we want to stabilise our debt," she said, noting the current challenging market conditions. Reporting by Leika Kihara; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Uganda’s anti-gay bill is the latest and worst to target LGBTQ Africans
▼ + stars: | 2023-04-06 | by ( Aditi Bhandari | ) www.reuters.com time to read: +14 min

Same-sex activity in Africa is punishable by … Map of the 32 African countries where same-sex activity is illegal. Same-sex activity in Africa … Map of the 22 African countries where same-sex activity is legal. In 1993, Guinea-Bissau became the first African country to legalise LGBTQ activity when it adopted a new Penal Code that didn’t include any laws criminalising it. Country Constitutional protection Broad protections Employment Hate crime Incitement Marriage or civil union Adoption Angola No Yes Yes Yes Yes No No Botswana No No Yes No No No No Cape Verde No No Yes Yes No No No Gabon No No No No No No No Guinea-Bissau No No No No No No No Lesotho No No No No No No No Mozambique No No Yes No No No No Sao Tome and Principe No No Yes Yes No No No Seychelles No No Yes No No No No South Africa Yes Yes Yes No Yes Yes YesNote: Broad protections include laws protecting against discrimination in at least 3 of 4 categories: the provision of goods and services, housing, healthcare and education. Namibia and Mauritius criminalise same-sex activity, but around 35% of respondents said they would dislike having a gay neighbour.

☆ Analysis: OPEC+ in driver's seat as oil supply growth lags demand
▼ + stars: | 2023-04-04 | by ( Alex Lawler | ) www.reuters.com time to read: +4 min

U.S. shale oil drillers over the last two decades helped to turn the United States into the world's largest producer. OPEC has this year been lowering its U.S. shale oil output forecast, having also done so in 2022. OPEC trims shale forecastsAn OPEC+ source, asked if OPEC+ is in the driver's seat when it comes to the oil market now, said: "We are not in the passenger seat". LACK OF INVESTMENTOPEC sources have cited a lack of sufficient investment to increase supply as likely to support prices this year. Demand growth is expected to exceed non-OPEC supply growthThe International Energy Agency, which represents 31 countries including top consumer the United States, also expects demand growth to exceed supply growth, although to a smaller extent than OPEC.

☆ Migrants Surge Into Maine and Beyond, Far From Southern Border
▼ + stars: | 2023-04-03 | by ( Jon Kamp | Alicia A. Caldwell | ) www.wsj.com time to read: 1 min

PORTLAND, Maine—While traveling north to the U.S. from Brazil, Teresa Matondo, an asylum seeker originally from Angola, said she learned about Maine’s largest city. “There were people talking about this town Portland, where if you got there, they would help,” the 35-year-old said. She entered the U.S. in March with her three children.

☆ Oil jumps $5 per barrel
▼ + stars: | 2023-04-02 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

SINGAPORE, April 3 (Reuters) - Oil prices jumped about $5 a barrel on Monday's open, jolted by a surprise announcement by OPEC+ to cut production further in an effort to support market stability. Brent crude hit the highest in nearly a month at the open, trading at $84.95 a barrel by 0039 GMT, up $5.06, or 6.3%. U.S. West Texas Intermediate crude touched its highest since late January and was at $80.47 a barrel, up $4.80, or 6.3%. Goldman estimated the output reduction could provide a 7% boost to oil prices, contributing to higher Saudi and OPEC+ oil revenues. Analysts at the National Australia Bank said the OPEC+ production cuts and demand recovery from top crude importer China could drive oil prices above $100 a barrel through third quarter.

☆ OPEC oil output falls on Angola, Iraq outages - Reuters survey
▼ + stars: | 2023-03-31 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

The Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.90 million barrels per day (bpd) this month, the survey found, down 70,000 bpd from February. OPEC+ lowered its output target by 2 million bpd, of which about 1.27 million bpd was to come from the 10 participating OPEC countries. With the declines in Angola and Iraq this month, compliance with the agreement increased to 173% of pledged cuts, according to the survey, against 169% in February. ANGOLA, IRAQThe largest drop of 100,000 bpd was in Angola due to a small export programme and field maintenance on the Dalia stream. Among countries with higher output, Nigerian production again posted OPEC's biggest increase in March, the survey found, bringing the country closer to a target to lift output to 1.6 million bpd this quarter.

☆ Nigeria's junior oil minister Timipre Sylva has resigned -sources
▼ + stars: | 2023-03-30 | by ( Felix Onuah | ) www.reuters.com time to read: +1 min

ABUJA, March 30 (Reuters) - Nigeria's Timipre Sylva has resigned as the country's minister of state for petroleum to seek a new term as governor of oil-producing Bayelsa State in the southern Niger Delta, ministry and presidency sources told Reuters on Thursday. Sylva handed his resignation letter last week to Buhari, who doubles as petroleum minister, and stopped coming to the office, said two sources who did not want to be identified. They said he would be seeking the ruling All Progressives Congress ticket to run for Bayelsa governor in party primaries scheduled to take place on April 14. Appointed junior oil minister in August 2019, Sylva oversaw major reforms in the oil sector, including the passing of legislation that overhauled the sector's fiscal regime in a bid to spur investment. During his time as minister, Nigeria's oil output fell to its lowest in decades due to crude theft and pipeline vandalism.

☆ Standard Chartered agrees to sell business in Jordan
▼ + stars: | 2023-03-26 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, March 26 (Reuters) - Standard Chartered (STAN.L) plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB) (AJIB.AM), the two parties said on Sunday, as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East. All Standard Chartered Bank employees in Jordan will be transferred to AJIB, it said an emailed statement. AJIB said the purchase falls within the Jordanian lender's strategy to grow its market share in the country, which continues to grow after it acquired HSBC's banking business in Jordan in 2014 and National Bank of Kuwait's banking business in Jordan in 2022. Standard Chartered in April 2022 said it plans to leave seven markets, consisting of Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. Reporting by Hadeel Al Sayegh, Editing by Louise Heavens and Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ Emirates airline says 'substantial' ticket revenue trapped in Nigeria
▼ + stars: | 2023-03-24 | by ( Ghaida Ghantous | ) www.reuters.com time to read: +2 min

DUBAI, March 24 (Reuters) - Emirates Airline has a "substantial" amount of ticket sale revenue trapped in Nigeria and has made only slow progress in repatriating blocked funds out of Africa's biggest economy, it said on Friday. Emirates declined to say how much was trapped in Nigeria, but a spokesperson said about half of the amount in its backlog was overdue for repatriation and that the process "remains beset with constant delays". Nigeria is withholding $743 million in revenue earned by international carriers operating in the country, the highest amount owed by any nation, global airline industry association IATA said last week. Oil is Nigeria's biggest foreign exchange earner, but rampant crude theft in the Niger Delta and years of under-investment have hit output and strained government finances. For a few months last year, Angola overtook Nigeria as Africa's biggest oil producer and exporter.

☆ Factbox: Legal hurdles faced by LGBT+ people in Africa
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +3 min

Africa accounts for nearly half of the countries worldwide where homosexuality is outlawed, according to the review, which was last updated in December 2020. - Life imprisonment is the maximum penalty for same-sex relations in Sudan, Tanzania, Uganda and Zambia, while jail terms of up to 14 years are possible in Gambia, Kenya and Malawi. - Broad protection against discrimination based on sexual orientation exists in three countries: Angola, Mauritius and South Africa. - South Africa is the only African country where gay marriage is legal and where the constitution protects against discrimination based on sexual orientation. However, South Africa has high rates of rape and homophobic crime.

☆ Traveling to Asia for work? This city is its most expensive business destination
▼ + stars: | 2023-03-22 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Hong Kong has been named the most expensive location in Asia for business travelers — for the second year in a row, according to a new report. watch nowTokyo, which dropped from second- to third-most expensive city in Asia, also experienced a 5% rise in daily costs for business travelers in local currency terms. "With average daily costs of $424 per day [in Tokyo], business travel to the city is now almost 20% cheaper than first-placed Hong Kong." "Even a tourist hub like Bangkok, which typically receives many business travelers, only saw a moderate 4% increase in business travel costs," Quane added. World's most expensive placeFor yet another year, New York received the dubious honor of being the most expensive place in the world for business travelers.

Since then, critics say those schemes have come back to bite the economy by ramping up competition for scarce housing - fuelling inflation and piling pressure particularly onto young, local, entry-level workers. Rents in Lisbon have jumped 65% since 2015 and sale prices have sky-rocketed 137%, figures from Confidencial Imobiliario, which collects data on housing, show. Locals struggled to keep up in a country where public housing only represents 2% of the property market, according to government data. The average rent for a one-bedroom flat in Lisbon is around 1,350 euros, a study by housing portal Imovirtual showed. "If housing stays this expensive or gets worse, (foreign) people ... will start moving back to their own countries."

☆ Vietnam seizes 7 tonnes ivory in largest wildlife smuggling case in years
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

HANOI, March 20 (Reuters) - Vietnamese authorities on Monday seized seven tonnes of ivory smuggled from Angola, the largest seizure of wildlife products in years, the government said. Trade in ivory is illegal in Vietnam but wildlife trafficking remains widespread. Other items often found smuggled into the country include pangolin scales, rhino horns and tiger carcasses. This followed the finding of more than 600 kilograms of African ivory last month at the city's Lach Huyen Port. Last month, a court in Vietnam sentenced a man to 13 years in prison for trafficking nearly 10 tonnes of endangered animal parts from Africa, including ivory and rhino horns.

☆ OPEC raises Chinese oil demand growth view, flags econ risks
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

"China's reopening, following the lifting of the strict zero-COVID-19 policy, will add considerable momentum to global economic growth," OPEC said in the report. "The rapid rises in interest rates and global debt levels could cause significant negative spill-over effects, and may negatively impact the global growth dynamic," OPEC added. OPEC expects Chinese oil demand to grow by 710,000 bpd in 2023, up from last month's forecast of 590,000 bpd and a contraction in 2022. OPEC was cautious on economic prospects, leaving its 2023 global growth forecast at 2.6%. OPEC's share of the cut is 1.27 million bpd.

Summary Oil prices near flat, after two days of lossesFed's Powell sets scene for higher and faster rate hikesUS crude stocks fall larger-than-expected - EIAMarch 9 (Reuters) - Oil prices were near flat on Thursday, as a larger-than-expected draw in U.S. crude stocks contended with worries that more aggressive U.S. interest rate rises would strain economic growth and therefore dent oil consumption. Brent crude futures had edged higher by 5 cents to $82.71 per barrel by 0103 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 5 cents to $76.71 a barrel. U.S. crude stocks fell 1.7 million barrels last week, government data showed, compared with analyst estimates for a build of 395,000. Industry data late Tuesday showed a decline in crude inventories for the first time after a 10-week build. U.S. gasoline stocks drew down by 1.1 million barrels, according to official data, less than the 1.8 million forecast, adding to demand concerns.

☆ US senators reintroduce bill to pressure OPEC oil producer group
▼ + stars: | 2023-03-08 | by ( Timothy Gardner | ) www.reuters.com time to read: +2 min

WASHINGTON, March 8 (Reuters) - A group of bipartisan U.S. senators on Wednesday said they have reintroduced legislation to pressure the OPEC oil production group to stop making output cuts. The so-called No Oil Producing and Exporting Cartels, or NOPEC, bill was reintroduced by senators Chuck Grassley, a Republican, and Amy Klobuchar, a Democrat, and others on the Judiciary Committee. The bill passed the committee 17-4 last year after the OPEC+ producer group, led by Saudi Arabia and Russia, agreed to cut output by 2 million barrels per day. OPEC has continued with the 2 million bpd cut, setting a floor on global oil prices, with the Brent international benchmark trading around $82.60 per barrel on Wednesday. Reporting by Timothy Gardner in Washington Editing by Mark Porter and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Russia works to ease visa regime for India, other countries - TASS
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Russia is working on easing visa procedures for six countries, including India, Syria and Indonesia, the state TASS news agency cited Deputy Foreign Minister Evgeny Ivanov as saying on Sunday. "In addition to India (procedures simplification) ... is being worked out with Angola, Vietnam, Indonesia, Syria and Philippines," Ivanov said. Earlier, Ivanov said that Russia is also preparing intergovernmental agreements on visa-free trips with 11 countries, including Saudi Arabia, Barbados, Haiti, Zambia, Kuwait, Malaysia, Mexico and Trinidad, TASS reported. While the United States, Japan and the European Union condemned Russia's invasion and imposed sanctions, China and India have not done either. India kept a neutral stance, declining to blame Russia for the invasion while sharply boosting its purchases of Russian oil.

☆ Namibia makes third oil discovery in the Orange Basin
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

WINDHOEK, March 6 (Reuters) - Namibia's state-owned oil company NAMCOR has made a third oil discovery with partners Shell (SHEL.L) and QatarEnergy in the Jonker-1X deepwater exploration well, in the Orange Basin offshore southern Namibia, it said on Monday. New discoveries could make Namibia, the southern neighbour of OPEC member Angola, another oil producer along the African Atlantic coast. "We are delighted to announce this third oil discovery after the success of the Graff-1X and Venus-1X discoveries by Shell and TotalEnergies (TTEF.PA) in 2022," Immanuel Mulunga, managing director of NAMCOR, said in a statement. The acquired data is being evaluated, and further appraisal drilling is planned to determine the size and potential of the discovery, the statement said. Shell Namibia B.V and QatarEnergy each hold a 45% stake in the joint venture while state-owned NAMCOR has 10%.

☆ More of Russia's soldiers have died in Ukraine — a war Putin thought would be over in days — than in all its wars since World War II combined, new analysis finds
▼ + stars: | 2023-02-28 | by ( Chris Panella | Jake Epstein | ) www.businessinsider.com time to read: +4 min

More Russian soldiers have died fighting in Ukraine than in all of Russia's wars since World War II combined. Putin originally thought the war would be over in days, but Russia has failed in its objectives. According to a brief from the Center for Strategic & International Studies (CSIS), between 60,000 and 70,000 Russian soldiers have been killed on the battlefield in Ukraine. When Russia invaded Ukraine in late February 2022, Putin originally believed he could capture Kyiv in a matter of days. But Russian generals seriously overestimated Russia's military and underestimated Ukrainian forces, resulting in poor strategy, command failures, and completely mismanaged logistics.

☆ Nearly 2 million barrels of Russian diesel are stranded at sea because no one wants to buy them
▼ + stars: | 2023-02-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

As much as 1.9 million barrels of Russian diesel are in storage at sea, according to Kpler data cited by Bloomberg. That's the most since October 2020, when energy markets were still reeling from the COVID-19 pandemic. A record number of Russian diesel cargoes were sailing last week without a destination, Bloomberg reported. On Friday, a tanker named Theseus arrived in Ghana, carrying about 600,000 barrels of Russian crude, according to Bloomberg. The EU similarly banned Russian crude and imposed a price cap in December.

☆ Macron says he won't let France become 'ideal scapegoat' in Africa
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 27 (Reuters) - French President Emmanuel Macron said on Monday that he will not allow France to become "the ideal scapegoat" in Africa, in a speech ahead of a trip to the continent from Wednesday. Some African countries have criticised France for failing to curb Islamist militancy in the Sahel region in particular. Macron also said he refused to be drawn into an outdated competition between powers for control of Africa. He will travel to Gabon, Angola, République of Congo and Democratic Republic of Congo. Reporting by Michel Rose, Layli Foroudi; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Macron flies to Africa to counter waning French influence
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

PARIS, Feb 27 (Reuters) - French President Emmanuel Macron will fly to Africa this week in a bid to counter Russian efforts to dislodge France from the continent, after Paris suffered a series of military and political setbacks in its former sphere of influence. France withdrew its forces from Mali last year after the junta there started working with Russian military contractors, ending a decade of operations against Islamist insurgents. Macron has accused Russia of feeding anti-French propaganda in Africa to serve "predatory" ambitions. But French presidential advisers denied in a briefing on Friday that Macron was in a charm offensive to win back lost influence. During the trip, Macron will focus on the environment, with a participation to a summit on forests in Gabon, and will also meet African artists.

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