The Arab League has commended the measures taken by the United Arab Emirates in response to the impact of the decline in world oil prices. The Arab League has commended measures taken by the United Arab Emirates in response to the impact of the decline in world oil prices.

Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude.

The continued fall of crude oil prices on the international market may impact negatively on Africa's economic growth, the African Capacity Building Foundation (ACBF) said Friday.