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Angola to end its OPEC membership

Published

12 months ago

December 23, 2023

One of Africa’s leading oil producers, Angola, has announced a plan to quit the Organisation of the Petroleum Exporting Countries (OPEC).

Its decision arose over a disagreement on production quotas following the oil cartel’s decision last month to further slash output next year.

Minister of Mineral Resources and Petroleum, Diamantino Azevedo, stated that although the decision was not made hastily, the African nation’s interests were no longer served by its membership in OPEC.

“Angola has decided to leave. We think the time has come for our country to focus more on our goals,” Azevedo told journalists.

He went on to say that his nation disapproved of the group’s decision made last month to further reduce production to support unstable prices for the upcoming year.

“If we remained in Opec, Angola would be forced to cut production, and this goes against our policy of avoiding decline and respecting contracts,” Azevedo said.

During the OPEC ministerial meeting in November, Angola and Nigeria, two more major oil exporters, expressed dissatisfaction with their production quotas and expressed a desire to increase production to secure crucial foreign currency.

Disagreements have forced several days’ postponement of the meeting. In the meantime, despite the cartel’s announcement in November to further reduce output, prices are hovering around the lowest point in almost half a year.

Oil price has increased recently as oil companies and cargo shippers have declared that they will not use the Red Sea or the Suez Canal due to Houthi rebel drone and missile attacks. Still, it is less than $80 per barrel. However, over the previous five years, crude prices have stayed above average.

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Moroccan annual inflation rises to 0.8% in November

Published

3 minutes ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

1 day ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”