Several African countries are suffering this year from a double-whammy of higher oil prices and weakening currencies, with Ghana and parts of eastern Africa taking the hardest knock from the surge in inflation.
Brent crude dipped towards $66 a barrel on Monday as weak Chinese data adds to demand fears, while near-record supplies from OPEC producers maintained worries about oversupply.
One million barrels of oil. Enough to fill more than 60 Olympic-sized swimming pools. And there it sat in tanks outside San Francisco -- for three years -- despite crude prices that topped $100 a barrel.
Nigerian President Goodluck Jonathan’s concession of defeat in presidential elections has mitigated the risk of an armed uprising in the main oil-producing region by militants who were intent on keeping him in power.
Shell has no timeline to restart the Seibou 2 wellhead in Nigeria that it closed in January after it leaked 550 barrels of crude oil, a spokeswoman said on Friday.