Africa Oil and Gas 

Crude oil closes high, Nigeria to comply with output cut

Petroleum rates finished with a weekly gain of about 10% on Friday, as the sudden drop in U.S. production output of petroleum, together with OPEC output cuts, provides hope that the oil glut in the market will reduce significantly. International standard, Brent crude closed at $42.20 for a 9.5% weekly gain, after it opened on Monday at $38.80 a barrel. West Texas Intermediate (WTI) likewise completed the week on an excellent note, as it closed at $39.98 a barrel with an 11% weekly boost, after starting the week at $36.03…

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Africa Oil and Gas 

Producers hopeful of $50 oil cost, business sustainability from cuts Business

Although OPEC concurred at the weekend to extend 9.7 million barrels cuts in daily crude oil production through completion of July, providing oil rates some support, operators in the exploration market are enthusiastic that the cuts would be sustained to help production and organisation sustainability. In the course of international lock down, the occurring energy imbalance impacted oil manufacturers and rates such that service sustainability was threatened and capability to service over N3.4 trillion loans damaged. With the lock down raised and oil costs rebounding, African Energy Chamber thinks that…

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Oil and Gas 

INTERVIEW: Nigeria doesn’t need PIB to deregulate oil sector – NNPC GMD

The coronavirus pandemic has ravaged the global economy and impacted the international oil market. But, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, says Nigeria is on course to realising its targets in the oil and gas industry. In this interview, Mr Kyari said the government does not need the Petroleum Industry Bill (PIB) to proceed with deregulation of the downstream sector of the petroleum industry. PT: The coronavirus pandemic has thrown the global economy into disarray. How is it impacting the Nigerian oil and…

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Oil and Gas 

Oil Crash: Is Nigeria’s Economy in ‘Soup’?

Can we agree less with Wall Street Journal (WSJ)? The American-owned and world-famous media organisation, in a current report said, as economic discomfort ripples to the establishing world, Nigeria’s dependence on oil puts its economy under extreme hazard. The story, which was titled, “Oil Depression, Coronavirus Create a Perfect Storm for Nigeria’s Economy,” was released on Monday April 27, 2020. Authors of the story, Joe Parkinson and Benoit Faucon, noted that the crash in oil costs and the economic fallout from the coronavirus together pose what might be an existential…

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Startups Transportation 

Dubai-based last-mile delivery startup iMile raises $10 million, to expand to Egypt, Kuwait and Morocco

Dubai-based last-mile delivery startup iMile has raised $10 million in a Pre-Series A round, it announced in a statement to MENAbytes today. The startup did not disclose the name of the investor but said it is a leading Chinese VC that’s active in the country’s logistics ecosystem. Founded in 2017 by Rita Huang who was previously Chief Technology Officer of Alibaba and Meeras’ joint venture in the United Arab Emirates, iMile offers different B2B and B2C logistics solutions (mainly) to eCommerce companies in the UAE and Saudi. The services include…

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