The Nigerian crude market remains strong
Nigeria's Crude gets best supply since 2014 and this enables the Nigerian crude market to stay sturdy, with sellers feeling assured enough to supply fair light-weight and Qua Iboe around their highest in over four years, whereas Angola continued to trade at a brisk clip.
Economy of Uganda is expected to grow strongly in medium term with or without first oil production
At first, the government projected that the first commercial oil from the Albertine Graben would be produced in 2020. However, Eng Irene Muloni, Energy Minister, stated that "the 2020 timeline would be taken ahead to 2020 as the joint venture partners Total.
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Muloni further said that, "the final investment decision could be made in the first quarter of 2019 and the first oil in 2022."
Reduced price of petroleum products pushed down taxi fares in Dar e Salaam
Energy and Water Utilities Regulatory Authority (EWURA) declared fuel price cut based on droping of global prices. It has been reported that for Dar e Salaam, petrol price dropped by 141/- per liter, diesel 212/- per liter and kerosene by 167/- a liter.
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This reduced prices of petroleum products has also reduced the taxi fares in some parts of Dar e Salaam city.
South Sudan to receive largest investment from South Africa
South Sudan is making its first big foreign investment as South Africa invests $1 billion in South sudan oil sector.
After the peace deal was signed two months ago, the increasing production will help the country to recover as South Sudan has Africa's third largest oil reserves at 3.5 billion barrels. Signing of this agreement would benefit both the countries.
