Europe Does A Complete U-Turn On African Oil And Gas

European governments are scouring the world for natural gas as they seek to reduce their overwhelming and increasingly uncomfortable dependence on Russia’s Gazprom.

Besides the United States, which has done its best to supply as much LNG as possible to its European allies, several African countries have emerged as potential sources of additional gas supplies. But they are not exactly happy about it.

“The gas here goes to Bonny and Europe to power homes and industries but we have no benefits from it,” one local community development activist from the Niger Delta told Bloomberg recently. “Nothing comes to us.”

The comment was part of an in-depth analysis by Bloomberg on Europe’s mad dash for gas that has seen Nigeria, for example, send millions of tons of LNG abroad while local communities use illegally made fuels and wood to stay warm. Nigeria is far from the only one.

Mozambique is one … Read more

How China Could Trigger The Next Sharp Selloff In Crude

If ever there had been a time when crude oil was going to reach the US$200-plus per barrel (pb) levels posted in clickbait headlines or bank research reports talking their own books then it is now. With Russia’s invasion of Ukraine, geopolitical risk has not been higher in recent memory, there are swingeing cuts in the ready supply of oil and gas from bans in place or set to come in on Russia for the same reason, and the prospect of compensatory supplies coming from Saudi Arabia or any of its OPEC brethren have been dashed in the realisation finally that endless talk over their abundant spare capacity was just a lie. And yet, oil prices are nowhere near US$200 pb and nor have they been close – in fact, they are looking soft – and the key factor at play in this has China’s handling of Covid-19. These fears … Read more