Saudi Aramco attacks: Where we are now, implications for Africa

Saudi Aramco attacks: Where we are now, implications for Africa

The heightened rhetoric following Saturday’s attack on Saudi Aramco oil infrastructure seemed more heat than light, as the United States accused Iran of being responsible – which Iran denies – and threatened retaliation in keeping with the Kingdom of Saudi Arabia’s wishes. It’s still uncertain how much structural damage was…

OPEC welcomes Congo Brazzaville as newest member

OPEC welcomes Congo Brazzaville as newest member

The central African nation of Congo Brazzaville has become the newest member of the Organization of the Petroleum Exporting Countries (OPEC), following the conclusion of the OPEC member meeting in Vienna on Friday. It is now the 15th nation to become a member, seven of them on the continent. The…

Algeria: Budget plans add to political, economic tensions

Algerian teachers and medical workers are threatening strikes as the country’s economic woes linger amid low oil prices, and the government proposes tax hikes and salary freezes to stretch the budget. The three-year economic plan released last month also considers reduced food subsidies, with increases in bread and milk prices. Algerian…

Nigeria’s Barkindo appeals for OPEC output cooperation

African economies dependent on oil revenues continue to struggle with high supply levels and low prices, as representatives of OPEC nations meeting in Algeria Tuesday said it will be November before any decision to limit output and stabilize markets could have an impact on their ailing budgets. Nigerian Mohammad Barkindo,…

Low oil price: the threats and opportunities for Africa producers

From 2010 until mid-2014, world oil prices were fairly stable at around $110 per barrel. But over supply from oil producers coupled with weak demand from the Chinese and European economies drowned the world with cheap oil pushing the price further south to its lowest price ($30) since 2003 in…

Erukilede Julius

Erukilede Julius is a legal practitioner, entrepreneur and energy professional.