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Nigeria To Increase Oil Production By 22% By December

AFRICANGLOBE - Nigeria expects its oil production rate to jump by 22% by the end of the year to 2.2m barrels per day (bpd) from current levels, its oil minister said on Monday, adding he hoped a force majeure on all its oil fields would be lifted by December or January.

Ethiopia: Oil’s New Equilibrum

AFRICANGLOBE - Oil prices have been heading south again, with a barrel of US crude recently falling below 42 dollars - the lowest level since March 2009, the nadir of the global financial crisis. And, while last year's sharp price drop was heavily influenced by two large supply shocks, the current decline also has an important demand dimension.

Angolans Resentful As China Tightens Its Economic Grip

AFRICANGLOBE - It is almost impossible to miss Beijing’s influence in Angola, from construction site signs in Chinese script to expensive Chinese restaurants and seedy “Asian-only” massage parlors in the capital’s alleyways. Despite reservations from jobless Angolans, economists see China’s dominant role in Angola as necessary.

Angola: Facing A New Normal

AFRICANGLOBE - Since the end of its three-decade long civil conflict in 2002, Angola has registered strong growth fuelled by crude oil exports, which allowed high public spending and drove the emergence of the country’s consumer class. Since the oil price decline – and quick rebound – of 2009, the government has consistently cited economic diversification as a top priority.

Bust Or Boom? Oil Prices And Africa

AFRICANGLOBE - As oil prices dipped below US$50 a barrel in January, Nigeria’s finance minister put a brave face on her country’s revenue crisis. Nigerians, she said, should start thinking of Africa’s largest oil producer as a “non-oil country”.

Future Development Forecasts 2015

AFRICANGLOBE - Despite their mixed record last year, Future Development's bloggers once again offer their predictions for 2015. Eight themes emerge.

Oil Prices And African Economies

AFRICANGLOBE - “The macroeconomic malaise in both Russia and Nigeria as a result of the plunge in oil prices is a clear reminder to the East African economies that while oil and gas will open up new sources of government revenue and foreign exchange inflows, the other sectors of the economy should not be ignored. In any case, it would be prudent to direct the oil and gas revenues to facilitate the growth of manufacturing, services and agricultural sectors.”

Oil Pricing-War Between Africa And The Gulf

AFRICANGLOBE - Asia has become a hotspot for a price war between African and Gulf oil producers who, hobbled by bulging global supplies and waning demand, are offering steep discounts to defend their market share in the world's top net crude buying region.

World’s Richest Black Woman – Folorunsho Alakija Way Ahead Of Oprah

AFRICANGLOBE - Despite falling oil prices, Nigerian Billionaire, Folorunsho Alakija has edged past Oprah Winfery as world's richest Black Woman, with a fortune of $7.3bn. On the other hand, Oprah Winfrey is worth $2.9billion

Nigerian-Owned Oil Companies To Watch In 2015

AFRICANGLOBE - Talk about opportunities in crises, and Nigeria, Africa’s largest economy, may be a model country to look at. The recent downward shifts in oil prices has tremendously disrupted global economics particularly for economies like Nigeria’s which are oil dependent; but all of this may be a blessing in disguise for indigenous players.

Africa’s Top Oil Producers To See Robust Economic Growth

AFRICANGLOBE - Oil-rich African countries will benefit from robust economic growth but weaker crude prices could send budget deficits higher next year, a Reuters poll showed on Tuesday.

S&P Predicts More Growth for African Economies

Standard & Poor's Ratings Services (S&P) at the weekend forecast that the economies of rated African countries would continue to record solid growth over...

Nigeria Economic Growth Remains Strong – IMF

The International Monetary Fund (IMF) says Nigeria's economic growth remains strong. It said this in a statement posted on its website after the Executive Board...

Angola Earned $33.7 Billion From Oil Sales

Sonangol EP, Angola’s state-run oil producer, said average daily production fell in 2011 even as it increased revenue because of rising international oil prices. Angola, Africa’s second-largest oil...