May 1, 2020Iraq
Iraq faces an uphill battle in meeting its obligations to the historic production cut agreement reached by the Organization of Petroleum Exporting Countries (OPEC) and other major producers such as R…
May 14, 2020Coronavirus
The process of going into lockdown due to the coronavirus pandemic has been revealing, especially in regards to oil. There are many elements to the smooth operation of global oil logistics that are n…
May 13, 2020Nigeria
The fall in international oil prices amid coronavirus is having a devastating impact on Nigeria’s formal economy. Oil, the property of the Nigerian government, provides more than 60 percent of government revenue and 90 percent of foreign exchange.
April 22, 2020Oil and Petroleum Products
Accompanying the misery of the coronavirus pandemic—and exacerbated by it—has been an ongoing crisis in the oil industry. While the scale and tragedy of the coronavirus is front and center in our minds, the collapse of oil is more abstract, and its long term consequences will be serious. Especially in Africa, the collapse of oil is likely to devastate government revenue at exactly the same time the continent faces the astronomical costs of responding to the coronavirus and looming famine.
March 6, 2020Sub-Saharan Africa
The new coronavirus has led to a slowdown in economic activity in China and East Asia more broadly. The global price of oil has now fallen to $53 a barrel. This is beginning to affect the oil-exporting countries of Africa. According to Africa Confidential, three-quarters of Nigeria’s and Angola’s oil production ear-marked for export in April is unsold. Similar deficits are reported from Chad, Republic of Congo, and Gabon.