The Editorial Team |

Nigerian Lawmakers to Probe Claim $17 Billion of Oil Stolen

LAGOS, Capital Markets in Africa: Nigeria’s lower house of parliament ordered an investigation into whether $17 billion of fuel exports were stolen. Most of the oil and liquefied natural gas ended up in the U.S. and some went to China and Norway between 2011 and 2014, Johnson Agbonayinma, a lawmaker, told the House of Representatives in the capital, Abuja, on Thursday. The missing products include about 58 million barrels of oil and 727,000 metric tons…

Libyan oil port takeover gives edge to eastern commander

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TRIPOLI, Capital Markets in Africa: Less than a fortnight after forces loyal to Khalifa Haftar swept into four of Libya’s oil ports, tankers are loading, production has jumped, and momentum has shifted firmly in the divisive former general’s favour. For Haftar’s opponents, and for Western powers, the move on the ports was alarming. Haftar and his backers in eastern Libya have been in a stand-off for months with a unity government in Tripoli, blocking any…

OPEC Under Pressure to Act in Algiers as Surplus Triples

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LAGOS, Capital Markets in Africa: As OPEC prepares to meet in Algiers next week, the oil market is reminding the group’s members what’s at stake if they fail to reach a deal. More than 800,000 barrels a day of additional crude is pouring into the global market this month compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, according to statements from their ministry officials. That would…

Egypt’s central bank unexpectedly keeps rates unchanged in Sept

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CAIRO, Capital Markets in Africa: Egypt’s central bank kept its key interest rates unchanged at a monetary policy meeting on Thursday, confounding a unanimous forecast by analysts that it would hike borrowing costs to curb inflation. Egypt has been struggling to revive its economy since a 2011 revolution drove away tourists and foreign investors, its main sources of vital foreign currency. Its reserves have more than halved since, to around $16.5 billion in August. The…

Egypt | To loosen its currency peg Egypt needs sustainable dollar inflows

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CAIRO, Capital Markets in Africa: Egypt is rebuilding its foreign reserves with the help of loans and aid, easing a shortage of dollars and preparing the way for a loosening of its fixed exchange rate. But economists and bankers say that unless it finds a sustainable inflow of dollars the import-dependent country could soon find itself back at square one. Egypt has struggled to earn dollars since a 2011 revolt drove away tourists and foreign…

Former OPEC President Optimistic There Will Be Deal in Algiers

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ALGIERS, Capital Markets in Africa: Chakib Khelil, the former Algerian energy minister who steered OPEC the last time it decided to cut supply, said he’s confident the group will reach an accord next week as low oil prices force members to act. With most of the Organization of Petroleum Exporting Countries now producing near full capacity, it should be straightforward to promise no further increases, said Khelil, who was the group’s president in 2008 when it agreed…

South Africa’s Central Bank Signals Possible End to Hiking Cycle

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JOHANNESBURG, Capital Markets in Africa: South Africa’s Reserve Bank left interest rates unchanged for a third straight meeting as it signaled it may be close to the end of its policy-tightening cycle. The central bank kept the benchmark repurchase rate at 7 percent, Governor Lesetja Kganyago told reporters Thursday in the capital, Pretoria. This was in line with the forecasts of all 27 economists in a Bloomberg survey. “The MPC is of the view that should current forecasts transpire,…

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