News & Analysis: Oil prices

Chad becomes first country to ask for debt overhaul under G20 common framework

“Like several other African countries, Chad is struggling with a high debt burden against a backdrop of the coronavirus crisis and low prices for oil, its major export.”

via Reuters

Nigerian economy at risk of ‘unravelling,’ warns World Bank

“The economic impact of the coronavirus pandemic will send personal incomes in Nigeria, Africa’s largest economy, back four decades. If Africa’s biggest oil producer is to avoid a prolonged recession, it will have to enact a series of potentially politically unpopular reforms.”

via Financial Times

South Sudan: Economy running on fumes

“South Sudan’s economy is dead on its feet. Falling oil prices have squeezed government revenues, sending hard currency reserves tumbling and inflation soaring. Political stability may now rest on the ability of leaders to maintain discipline in their ranks and confidence in each other, as the financial bargain at the heart of the 2018 peace agreement comes under pressure.”

via Africa Confidential

Nigeria slumps back into recession as COVID-19 bites

“Africa’s biggest economy has sunk into its second recession in less than five years, battered by the oil price crash brought on by the coronavirus pandemic.”

via Financial Times

All This Talk About Vaccines Gives a Desperately-Needed Boost to Two of Africa’s Largest Oil Producing Countries

“The prices for Nigerian Bonny Light and Angolan Cabinda crudes have regained some lost ground in November thanks to the Pfizer vaccine news and the U.S. elections. Given that both countries face enormous debt servicing challenges, these higher oil prices will help to replenish government coffers.”

via China-Africa Project

South Sudan’s central bank introduces monetary changes to rescue ailing economy

“Before the conflict and COVID-19, South Sudan was drilling more than 250,000 barrels of crude oil per day, which has now dropped to 180,000 barrels per day. In an extraordinary meeting, the Central Bank Monetary Policy Committee made five resolutions aimed at tackling the devaluation of crude oil.”

via AllAfrica

Africa’s booming tech hub of Lagos braces as pandemic bites

“Over the past five years, Lagos has become Africa’s fintech centre and the continent’s most vibrant tech hub, attracting large investment in financial networks across Africa.”

via Financial Times

COVID-19: Remittance Flows to Shrink 14% by 2021

“As the COVID-19 pandemic and economic crisis continues to spread, the amount of money migrant workers send home is projected to decline 14 percent by 2021 compared to the pre COVID-19 levels in 2019”

via World Bank

COVID-19 exposes need for new direction in Nigerian economy

“Nigeria’s oil dependence has come back to haunt it once again, as the government battles to manage a severe contraction of revenues and foreign currency in the wake of plummeting oil prices brought on by the COVID-19 global crisis.”

via New African Magazine

Equatorial Guinea: Oil production drops in September to 103,000 barrels

“Daily oil production in Equatorial Guinea fell in September to 103,000 barrels, a drop of 15,000 barrels a day. With this drop in production and with the recovery of Libya, Equatorial Guinea is again the OPEC member with the lowest oil production.”

via Macau Business