Category: Oil
Chinese Oil Buyers Have a Renewed Appetite for Angola Crude
After a quiet past few months when oil prices slid from the once heady highs, Chinese refiners are showing signs of increased demand for Angolan crude. Traders in Asia and Europe told Reuters that Chinese buyers have been snapping up Angolan oil at higher premiums than in ...
African Oil Exports to China Plunge in July
China's crude oil imports from Africa fell sharply last month with demand expected to remain flat through the third quarter. Overall, shipments from African exporting countries fell 5.1% from June and but plummeted 41.5% compared to the same time last year. ...
Week in Review: Ore, Oil & Oranges
China's major oil suppliers in Africa and the Middle East are bracing for a downturn in prices after Beijing ordered the country's largest refiner, Sinopec, to scale back operations. Sinopec will reportedly reduce refining of road and aviation fuels by up to 10% in response to the slowdown ...
Time is Running Out to Jump Out of the Fire
The new Intergovernmental Panel on Climate Change’s massive new report makes for scary reading. The UN Secretary-General António Guterres called it a ‘code red for humanity’ and that’s probably understating the level of danger. It’s increasingly clear that staving off global disaster ...
President Akufo-Addo Taps Ghana’s Former Ambassador to China to Run One of the Country’s Two Oil Refineries
Ghanaian President Akuof-Addo appointed Edward Boateng, the highly regarded former ambassador to China, to become the Managing Director of Ghana's embattled Tema Oil Refinery (TOR). Although Boateng served in the Ghanaian foreign service from 2017 until last year, he comes from ...
China’s Role in Re-Energizing the South Sudan Peace Process
South Sudan marked its tenth anniversary this month as an independent country. Regrettably, though, after a decade of civil war and divided government that has left at least 400,000 people dead and displaced a third of the population, there isn't much ...
New Data Reveals China’s Growing Dependence on Middle Eastern Oil
Middle Eastern oil producers now account for 48.3% of China's oil buys in the first half of the year, according to the latest Chinese customs data. Saudi Arabia is the top provider, with 16.8% of the market in H1 2021, followed by Russia with 15.3%.
The Future of a Critical Nigerian Pipeline Now in Jeopardy as Chinese Lenders Balk
The fate of a multi-billion billion gas pipeline project in Nigeria is now in question after Chinese lenders have seemingly backed out of the deal, forcing the Federal Government to look elsewhere to raise the missing capital. The Bank of China ...
Week in Review: Chinese Hostages Freed in Nigeria & China Cuts Oil Buys From African Suppliers
Chinese defense contractors are making further inroads into the Angolan market. The state-owned China National Aero-Technology Import & Export Corporation (CATIC) signed an $85 million deal to provide the Angolan defense sector with a “supply of equipment, military means and assistance services.” CATIC is already a big player ...
Commodity Supercycle Blues
The editorial board of Financial Times published an op-ed yesterday announcing a new commodities supercycle. They argued that the global pivot towards climate-friendlier technologies like electric vehicles is pushing demand for metals like cobalt, lithium and palladium (used in catalytic converters.) In addition, the Biden administration’s new commitments ...