Tag Archives: oil

Hong Kong, China | AFP |  Oil resumed its painful retreat Wednesday, extending a rout that has torn through energy markets, though stock exchanges in Asia and Europe were mixed following a two-day sell-off. With demand virtually non-existent owing to virus lockdowns, and production still high despite storage at bursting point, …

New York, United States | AFP | Oil prices ended New York trading in the negative on Monday for the first time ever, as a supply glut forced traders to pay others to take the commodity. With space to store oil scarce, US benchmark West Texas Intermediate for May delivery ended …

Algiers, Algeria | AFP |  Algeria faces economic and social turmoil if crude prices continue to collapse, experts have warned, with the oil-dependent country reeling from a year of popular protests, political turmoil and now, coronavirus. The North African country is an example of how hydrocarbon economies are likely to face …

London, United Kingdom | AFP |  Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices. The agreement, which reduces production to eight million bpd from July to December, depends …

BULIISA, Uganda | AFP |  It was the promise of oil — billions of barrels of black gold, discovered locked beneath Lake Albert — and the riches to follow that brought electricity to Buliisa. Roads, piped water, and other unthinkable luxuries came next, as the poor farming village on the great …

Singapore, Singapore | AFP | Oil prices surged more than six percent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. West Texas Intermediate was trading up 6.1 percent at more than $33 a barrel while Brent crude …

  How our government built and has now almost destroyed the country’s oil industry THE LAST WORD | ANDREW M. MWENDA | Uganda’s upstream oil industry is dead. Ok, let me admit this is a bit of an exaggeration. It is more appropriate to say it is in a coma …

Uganda discovered oil in 2006 but disagreements between the government and oil companies have stalled its development Kampala, Uganda | ISAAC KHISA | Uganda National Oil Company (UNOC) plans to invest $840million in joint infrastructure projects in the country’s oil and gas sector, said its Chief Executive Officer, Proscovia Nabbanja. …

Kampala, Uganda | THE INDEPENDENT | The High Court Civil Division has rejected findings and recommendations of the Parliamentary committee on Commissions, Statutory Authorities and State Enterprises (COSASE) that people who benefited from the SH 6 billion presidential oil handshake refund the money. The committee, which was led by Bugweri legislator …

Dubai, United Arab Emirates | AFP | Energy-addicted Gulf states must undertake much deeper reforms or risk seeing their wealth drain away in 15 years as global demand for oil slides, the IMF warned Thursday. “At the current fiscal stance, the region’s financial wealth could be depleted by 2034,” the International …