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AfDB Urges Greater Focus on Implementation, as African Green Revolution Forum Begins

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  • AfDB Urges Greater Focus on Implementation, as African Green Revolution Forum Begins

Ahead of the 2017 African Green Revolution Forum (AGRF), the President of the African Development Bank (AfDB), Akinwumi Adesina, has called for greater attention to be paid to the implementation of concrete plans for achieving the green revolution in Africa.

The seventh African Green Revolution Forum, taking place in Abidjan, Côte d’Ivoire, from September 4 to 8, will focus on ‘Accelerating Africa’s Path to Prosperity: Growing Economies and Jobs through Agriculture’.

The Forum is hosted by the Alliance for a Green Revolution in Africa (AGRA), an African-led institution focused on putting farmers at the centre of the continent’s growing economies. AGRA is built on an alliance of partners that care about, commit to and invest in Africa’s agricultural transformation.

AGRF partners include the African Development Bank, the African Union, the African Fertiliser and Agribusiness Partnership (AFAP), AGRA, the Food and Agricultural Organisation of the United Nations (FAO), the International Fund for Agricultural Development (IFAD), Mastercard Foundation, the New Partnership for Africa’s Development (NEPAD), OCP Africa Group, the Rockefeller Foundation, the Southern African Confederation of Agricultural Unions (SACAU), Syngenta, and YARA International.

The African Development Bank is proud to be a partner in the Forum in Abidjan. “As we all converge on Abidjan for this year’s African Green Revolution Forum, our focus should be on implementation,” Akinwumi Adesina, President of the AfDB, said in a video statement.

Adesina noted that this year’s Forum comes as some African nations are witnessing drought and heightened food insecurity. He stressed that the event presents an opportunity to push efforts to make Africa self-sufficient in food production and transform agriculture into a wealth-creating sector.

“Agriculture is booming in Africa and holds the greatest opportunity to boost African economies, build rural economies, lift millions out of poverty, and create jobs,” he said.

AfDB is accelerating this development through its Feed Africa Strategy with planned investment of $24 billion over the next 10 years. The Bank invites partners, governments, private sector, and development institutions to work together to make this happen.

This year’s African Green Revolution Forum, considered to be the most important meeting on African agriculture, will be held under the patronage of the President of Côte d’Ivoire, Alassane Ouattara.

The Forum is expected to bring experts and other stakeholders together to ensure that the importance of agriculture to African economies is not overlooked. Agriculture represents more than 70 per cent of employment; making it essential to delivering on economic development visions for the continent and achieving the Sustainable Development Goals.

The sixth African Green Revolution Forum (AGRF) was held in Nairobi, Kenya, in September 2016 and attracted more than 1,500 delegates from 40 countries.

At AGRF 2016, many of Africa’s steadfast champions of agriculture pledged more than $30 billion in investments to increase production, income and employment for smallholder farmers and local African agriculture businesses over the next 10 years.

AfDB is leading a campaign to unlock the continent’s food and agriculture market, which is projected to hit $1 trillion by 2030. In the words of the AfDB President: “We must hurry. Africa’s time to become the global powerhouse for food and agriculture is now. We are already late.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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