West Africa

Data from market sources and LSEG shows that Russia's seaborne gasoil and diesel exports fell 18% in the same month compared to a year ago, and 3% on the month, respectively, from 3.7 million metric tons. Sources said that the ultra-low-sulphur Diesel shipments from Primorsk - Russia's largest outlet for diesel exports - fell by 5% in April to 1.375 million tonnes. In May, drones struck several of Russia's largest refineries, including the Lukoil owned NORSI refinery as well as Rosneft Ryazan refinery and Surgutneftegaz Kirishi refinery. The latter is one of Russia's largest?diesel manufacturers. Diesel production in Russia dropped...

LSEG and market sources reported that Russia's seaborne gasoil and diesel exports increased by 8% in April from March. This is only a slight decrease from the 3.3 million metric tonnes?exported a year earlier. Exports rose despite repeated Ukrainian attacks on ports and refineries, weather disruptions and a surge in global demand. Primorsk, a Baltic port, was attacked in late March and earlyApril. The Black Sea port of Tuapse was also attacked, and a nearby Tuapse Refinery owned by Rosneft had to stop operations after a Ukrainian drone attack on April 16. Sources said that the ultra-low-sulphur Diesel shipments from...

Nigerian President Bola Tinubu asked the Nigerian parliament to approve a $516m foreign loan for a?help to finance a?first section?of a national highway. This is a major transportation corridor connecting the country's southwest to its northwest. Tinubu stated in a letter that was read out by the Senate president on Thursday during a plenary meeting, the 'government' was seeking approval from Deutsche Bank for the'syndicated financing facility'. He added the loan was a part of the'medium-term borrowing program' approved by lawmakers. Tinubu wrote in his letter that the loan would be for nine years, with a grace period of up...

Nigerian Airlines will cease all flight operations on April 20 unless the crippling jet fuel prices are brought down. They accused the country's fuel marketers for artificially inflating them. Airline Operators of Nigeria (an industry group composed of around 12 mainly domestic carriers) complained to the Major Energies Marketers Association of Nigeria in a letter dated April 14 that jet fuel had increased by approximately 270% since February. AON's letter, seen by us, called the increase in jet fuel prices in Africa's largest nation "astronomical" and "artificial", saying that it was far greater than global crude oil price increases. The...

The hydrological agency warned on Thursday that Nigeria faces a "high risk" of widespread flooding in 2026. More than 14,000 communities are at risk across 33 of the 36 states of the country, as well as Abuja's Federal Capital Territory. The Nigeria Hydrological Services Agency, in its annual flood outlook released on Monday, said that the worst flooding would occur between July and September, at the height of the rainy season. This will threaten cities, farms and critical infrastructure. NiHSA reported that 14,118 communities are?classified high risk', while another 15,597 are?at moderate risk. The figures are in line with recent...

Nigeria's Minister of Trade and Investment,?Jumoke. Oduwole, said that the country will launch an important digital platform to streamline imports and exports on Friday. This is a "game changer for trade in West Africa". The first phase of Nigeria's National Single Window, a centralised platform for electronic trade that aims to reduce red tape and save time for both importers and exported, is set to launch on Friday. The first phase will consist of one shipping line and a single port. * "These are game changers?in terms?of trade facilitation?that we need," Oduwole stated, adding that this is a priority project?for...

The Swiss-based shipping company, 'MSC,' has signed a 45 year?concession contract with Nigerian maritime firm Nigerdock to develop, operate and maintain a new container terminal in the Snake Island Port of Lagos. The MSC terminal will be part of a $1 billion investment in infrastructure and logistics that the company has announced in Nigeria. As supply chains change around the world, global shipping companies are attempting to establish long-term footholds on emerging markets. Nigeria, Africa's biggest economy, struggles with chronic congestion in Lagos' ports. MSC said the terminal, which will be built by ITB Nigeria & DEME Group is expected...

ABIDJAN 25 - Ivory Coast exports of 'raw cocoa beans' fell to 1.011 million metric tonnes by a source with the Coffee and Cocoa Council. Sources said that the figure was slightly lower than exports for the same period in the previous year, which were?1.040 millions metric tons. Officials said that while cocoa shipments to ports on the Ivory Coast, a top cocoa producer, have been slowing down in recent weeks because of falling prices, exports are still fairly stable. The Ivory Coast and neighboring?Ghana produce together about 50% of the cocoa in the world. However, the unsold stocks from...

Sources at the regulator told us on Wednesday that the Ivory Coast Coffee and Cocoa Council will increase its weekly cocoa purchases from 20,000 to 20,000 tonnes due to the concern about the quality of the cocoa stocks. CCC officials were concerned about the quality of?cocoa stock, which was deteriorating. They said that beans in poor condition could lose value and complicate exports. "The cocoa's stored in nylon bags which trap heat." The CCC said that nylon bags don't breathe like jute bags. This causes the cocoa to degrade quickly and can lead to stock value loss. Some farmers are...

The sector regulator said on Tuesday that the arrest of the leaders of the two cocoa farmer's unions in Ivory Coast was a result of false claims made about the unsold stocks of cocoa. Cocoa prices fell to their lowest levels in two years last month, as concerns about the demand for beans increased. Yves Brahima Kone is the head of the Coffee and Cocoa Council. He said that the claims made by union leaders, that farmers held the beans they had not sold were "completely untrue and impossible". Kone claimed that unidentified actors were attempting to weaken this sector...

Police in Nigeria said that former heavyweight world boxing champion Anthony Joshua, a British man, was involved in an accident which killed two people in Ogun State. Joshua, 36, suffered minor injuries after a collision between his vehicle and another car. The Ogun State Police Command confirmed that Joshua had been transported to the hospital, while they investigated the cause of the accident. Five men were involved in an accident on the Lagos-Ibadan Expressway, according to the Federal Road Safety Corps of Nigeria. The agency stated that preliminary findings indicate 'the vehicle carrying Joshua was likely speeding at the time...

Ukraine's deputy premier said that overnight Russian drone attacks damaged vessels with flags of Liberia, Palau, and Slovakia in the ports of Odesa, Ukraine. Russian officials have said that Moscow has intensified its attacks in recent weeks on the southern Odesa region, while Ukrainian officials claim Moscow is attempting to cut Ukraine from the Black Sea and sow chaos among civilians. Oleksiy Kulba, in a Telegram message, said that there were no casualties in Friday's strikes. However, the attacks damaged elevators, civilian warehouses, and caused power outages in the Odesa area. Kuleba also said that drones had damaged a locomotive...

Data from market sources and LSEG show that Russia's seaborne gasoil and diesel exports plummeted in June. They fell by 39% from the month before to 1.8 million metric tonnes and 46% from 3.35 mtonnes in the same month a year ago, as waves of drone strikes forced unplanned shut downs at key refineries. According to traders' calculations and estimates, the number of ultra-low-sulphur Diesel shipments from Primorsk - Russia's largest outlet for diesel exports - has fallen by over half since May. The Russian authorities haven't made a definite decision yet about banning diesel exports. However, traders believe that...

Oil tankers behave as if the Strait of Hormuz was reopening, even though the waterway is only partially navigable. The signals are clear, from ship tracking data to the freight rates: Owners and charterers have moved early to position their vessels for a possible return to Gulf exports. The gap between expectations and reality is still wide. This leaves the global oil transportation system on a fragile "middle ground" between crisis and recovery. Signs of Recovery Real-time vessel movement is the most obvious?evidence? of adjustment. The number of tanker transits in Hormuz has begun to increase. During the conflict they...

Nigeria's foreign ministry announced that Nigeria and Morocco are expected to sign an Intergovernmental Agreement in the?fourth quarter of 2026, to progress a major Atlantic coast gas pipeline project. The agreement to be signed between the Nigerian president Bola Tinubu, and the Moroccan King Mohammed VI follows preliminary studies of the Nigeria-Morocco Gas Pipeline (also known as the African Atlantic Gas Pipeline). In a Tuesday statement, the Ministry said that this development was discussed during a phone call between Nigerian Foreign Minister Bianca Odumegwu Ojukwu, and her Moroccan counterpart Nasser Borita on Friday. Amina Benkhadra of the?Morocco’s hydrocarbons & mining...

A senior official revealed that the Africa Finance Corporation, the lead developer of the U.S.-backed Lobito mineral transport corridor, is in discussions with at least 10 African and foreign financiers including Citigroup to raise $3-5 billion for this project. The AFC has begun preparing for the construction of a key transport project, which will combine existing and new railway lines to link copper and cobalt mining areas with?Angola’s Atlantic port of Lobito. The project is a part of Washington’s effort to curb Chinese influence and secure access to strategic metals, minerals, and coal in Africa. AFC is currently in discussions...

Lagos is betting that Nigeria’s chronic electricity shortages can be solved outside of the national grid. The state's energy commission said the state would scale up its state-backed power production and distribution once it secured 400 megawatts in new supply. Nigeria's grid is struggling, and the largest city in Africa is pushing ahead with reforms that will allow sub-national governments regulate power. According to the data of?the power regulatory, at least 22 states are also setting up electricity market to reduce dependence on the centralised system Abuja. Biodun Ogunleye, Lagos' Commissioner for Energy and Mineral Resources, said this at a...

Nigerian airlines will cease all flights on April 20 unless the crippling jet fuel price, which they accuse the country's "fuel marketers" of artificially increasing, is reduced. Airline Operators of Nigeria (an industry group consisting of around 12 mainly domestic carriers) complained to the Major Energies Marketers Association of Nigeria in a letter dated April 14 that jet fuel had increased by approximately 270% since February. The price of oil and fuel has risen since the start of the Iran War, because the conflict is preventing shipping through the Strait of Hormuz. In a letter to AON, the company called...

The head of Morocco's hydrocarbons & mining agency (ONHYM), said that an intergovernmental agreement on a $25 billion Nigeria-Morocco pipeline would be signed in this year. Amina Benjamin, an ONHYM representative, told me by email that the project, known as the "African Atlantic Gas Pipeline", was agreed upon a decade earlier. It would run 6,900 km along a hybrid route, offshore and onshore, with a capacity of up to 30 billion cubic meters (bcm). This included 15 bcm for Morocco, to support exports to Europe. The feasibility study of the pipeline has been completed, as has the front-end engineering design...

David Bird, Managing Director of the Dangote Refinery, said that the cost of?crude shipments to the Dangote Refinery from a?Nigerian terminal has risen to $3.5m a day, up from $800k a week ago. He blamed the U.S./Israeli war against Iran. Bird said that the Dangote Refinery is operating at its full capacity of 650,000 barrels per day and will continue to operate as long as Nigerian crude oil can be purchased at international benchmark prices. The crude oil prices were stable in the mid-sixties a week ago. Bird told reporters in Lagos that the price of crude oil was now...

Grid manager revealed on Friday that Nigeria's gas-fired plants receive less than half of the fuel needed, resulting in a worsening of electricity supply across Africa's largest country. Operators claim that the shortage is due to a rising debt in the sector, resulting from government subsidies. This debt has reached 6 trillion naira (US$4.4 billion) for this month. Gas deliveries to power stations have fallen to less than half the required volume. The national generation is now down to 4,300 megawatts. This has forced the grid operator to reduce electricity supply, also known as load-shedding. They have also cut the...

Two industry sources and LSEG data show that the Russian port of Novorossiysk resumed oil loadings Sunday, after a suspension lasting two days due to a Ukrainian drone and missile attack. Novorossiysk suspended oil exports on Friday, a move that equates to 2.2 millions barrels of oil per day or 2% global supply. Oil prices rose by over 2% globally on the back of supply concerns following the attack. According to two anonymous industry sources, loadings have resumed. According to LSEG, two tankers - the Suezmax Arlan and Aframax Rodos - are loading oil on the port's berths. Two oil...

Two industry sources and LSEG data show that the Russian port of Novorossiysk resumed oil loadings Sunday, after a suspension lasting two days due to a Ukrainian drone and missile attack. Novorossiysk temporarily halted oil exports on Friday, equating to 2.2 millions barrels of oil per day or 2% global supply. According to two anonymous industry sources, loadings have resumed. According to LSEG, two tankers - the Suezmax and Aframax classes Rodos - are loading oil on the port's berths. Two oil berths were damaged by a Ukrainian drone at the Russian Black Sea port Novorossiysk on Friday, which forced...

MSC, a Swiss transport company, has announced that it will no longer accept bookings for Mali because of security concerns and a fuel shortage caused by a blockade imposed on the country by militants linked to al Qaeda. The Jama'at Nusrat al-Islam wal-Muslimin's (JNIM's) two-month-old blockade of fuel on the landlocked West African nation has almost paralysed Bamako's capital. The group attacked fuel tankers trying to reach Bamako. This was a blow to the military-led regime and raised fears that the jihadists could try to establish their rule. MSC posted a statement on its website Thursday stating that road transport...