Day: January 5, 2021

Members of the opposition in Somalia warned this week that the country’s federal government is about to sign a secret petroleum exploration and drilling agreement with two foreign companies a month before its term in office expires, which would “pose a great danger” to the future of Somalia and its natural resources. The opposition has received information that Somalia’s Ministry of Petroleum and Mineral Resources would sign the secret deal in the coming days, Abdirahman Abdishakur Warsame, the leader of the opposition Wadajir Party, said in a letter to the…

2018 was a very bad year for one-time commodity trading wunderkind, Pierre Andurand, who back in April of 2018 bet oil could soon hit $100 a barrel (and even said $300 oil is “not impossible”), but watched as his billion Andurand Commodities Fund suffered its largest monthly loss ever just a few months later as oil closed the year at just half of his target price. And while his performance in 2019 was better, the energy trader who runs one of the last big oil-focused hedge funds again failed to…

Oil edged higher ahead of a resumption of OPEC+ talks that were unexpectedly suspended due to a disagreement over whether to raise output in February as the coronavirus continues to surge. Futures in New York gained toward $48 a barrel after dropping the most in 2 weeks on Monday. Discussions will restart on Tuesday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for another supply hike. The talks are happening against a shaky short-term demand backdrop. England was ordered into a third lockdown until mid-February, Germany is…