Foreign News
Ukraine Conflict Causing Huge Volatility in Energy Market -OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) has stated that the ongoing war by Russia in Ukraine was causing huge volatility for the global energy market. Mr Mohammad Barkindo, OPEC Secretary-General, made the assertion while speaking at the virtual 62nd Meeting of the Joint Technical Committee (JTC) on Wednesday.
Barkindo noted that there were implications and possible far-reaching consequences of the ongoing conflict in Ukraine.
He said: “As highlighted at our last meeting, the conflict has compounded the uncertainties related to the pandemic.“It has heralded in further economic volatility, elevated risk premiums for oil, as well as many other essential commodities, given that both the Russian Federation and Ukraine are key global exporters, including of essential agricultural goods.
“From the oil market perspective, however, what is clear is that Russia’s oil and other liquids exports of more than seven million barrels per day cannot be made up from elsewhere. The spare capacity just does not exist.”According to him, its potential loss, through either sanctions or voluntary actions, is clearly rippling through energy markets. “The crises we face are causing huge volatility, with daily price swings of more than $5 per barrel occurring on 13 occasions across March and April,” Barkindo said.
He also recalled that April 2020 was the darkest and most sudden downturn in the history of the oil industry due to the COVID-19 pandemic. Barkindo said April 2020 saw global oil demand drop by more than 20mbpd with industries and businesses shuttered-in and populations locked down.
“None of us will ever forget April 20, 2020. On that day, the price of NYMEX WTI in the futures market plunged by 56 dollars/b to minus-37.6 dollars/b, the first ever drop into negative territory. “The markets were reacting to the situation with an unheralded bearish ferocity.
“It was a visceral moment for us all. I do not think any of us here ever envisaged a moment where sellers were literally paying buyers!
“However, the uncontrolled chaos over the month was also met by a landmark decision from OPEC and non-OPEC countries in the Declaration of Cooperation (DoC) on April 12,” Barkindo said.
He said the move was key to rescuing the industry from the precipice on which it stood, and in turn, assist with the resuscitation of the global economy. Barkindo said what recent events and developments imply was the continuing shift among policymakers to better understanding what was required in the energy transition.
He said: “It is not about moving from one energy to another; it is about utilising all available energies and understanding the energy security dimension of our future to enable the necessary investments.
“This was clearly highlighted last month by U.S. investment bank, JP Morgan in its first annual energy outlook. “It said the world needs to find 1.3 trillion dollars of incremental investment by 2030 to boost all types of energy output and infrastructure from renewables to oil and gas to avoid an energy crunch.
“What we are seeing is a wake-up call to all stakeholders. We need to ensure there is a clear pathway for all energy investments.” Sustained investment in oil is required if we are to expand production and ensure adequate spare capacity, a vital cog in the oil market landscape.” (NAN)
Foreign News
Pope Criticises ‘Tyrants’ Who Spend Billions on Wars after Trump Spat
Pope Leo has criticised leaders who spend billions on wars and said the world was “being ravaged by a handful of tyrants” in unusually forceful comments during a visit to Cameroon.
The pontiff blasted those he said had manipulated “the very name of God” for their own gain, while touring a region ravaged by a deadly insurgency.
The remarks come just days after a high-profile spat with US President Donald Trump, who posted a lengthy attack on the Pope, a vocal critic of the US-Israeli military operation in Iran.
The Pope had voiced his concern about Trump’s threat that “a whole civilisation will die” if Iran did not agree to US demands to end the war and open the Strait of Hormuz.
Leo, who last year became the first US-born Pope, has previously also questioned the Trump administration’s approach to immigration.
“Leo should get his act together as Pope,” Trump wrote in a Truth Social post at the time.
The Pope told reporters at the start of his Africa tour that he did not want to get into a debate with Trump but would continue to promote peace.
Speaking in Cameroon, the Pope criticised leaders who “turn a blind eye to the fact that billions of dollars are spent on killing and devastation, yet the resources needed for healing, education and restoration are nowhere to be found”.
“The masters of war pretend not to know that it takes only a moment to destroy, yet often a lifetime is not enough to rebuild,” he said on Thursday.
The Pope also condemned “an endless cycle of destabilisation and death” in a “bloodstained” region of Cameroon that has been gripped by insurgency for nearly a decade.
“Those who rob your land of its resources generally invest much of the profit in weapons, thus perpetuating an endless cycle of destabilisation and death,” he told those gathered at a cathedral in the north-western city of Bamenda – the centre of the violence that has left at least 6,000 people dead and displaced many more.
“Peace is not something we must invent: it is something we must embrace by accepting our neighbour as a brother and as our sister,” the Pope said.
Separatist insurgents in Cameroon’s two Anglophone regions have been fighting the predominantly Francophone government since 2017.
Following Leo’s address, the Archbishop of Canterbury, Sarah Mullally, said that she stood with the Pope in his “courageous call for a kingdom of peace”.
The war in Iran has increasingly placed the Pope and the Trump administration at odds.
Soon after the first US and Israeli attacks on Iran, US Defence Secretary Pete Hegseth recited a highly controversial prayer at a Pentagon worship service that talked of “overwhelming violence” and “justice executed swiftly and without remorse”.
Then, during a Palm Sunday Mass in St Peter’s Square, the Pope said the conflict between Iran, Israel and the US was “atrocious” and that Jesus could not be used to justify war.
“This is our God: Jesus, king of peace, who rejects war, whom no one can use to justify war,” he told tens of thousands of worshippers gathered in Vatican City.
“He does not listen to the prayers of those who wage war, but rejects them.”
The pontiff also quoted the Bible passage Isaiah 1:15: “Even though you make many prayers, I will not listen: your hands are full of blood.”
Earlier this week, Trump launched a scathing attack on the Pope on social media, in which he described the leader of the Catholic Church as “WEAK on Crime and terrible for Foreign Policy” while portraying himself as a Jesus-like figure.
He later doubled-down on his criticism and refused to apologise – but deleted the AI-generated image of himself.
Asked about the US president’s remarks as he arrived in Algiers, the Pope said he had “no fear” of the Trump administration and that he would continue to speak out against war.
The Catholic leader’s wide-ranging Africa tour will include stops in 11 cities across four countries. It is his second major foreign visit since being elected to the papacy last year, and reflects the importance of Catholicism in Africa.
More than a fifth of the world’s Catholics – some 288 million people – live in Africa, according to figures from 2024.
Foreign News
Kenya Fuel Prices Rise Sharply Despite Reduction in Tax
Kenya has sharply raised the cost of petroleum, with diesel prices rising by a record margin despite a fuel tax cut, as the conflict in Iran pushes up global oil prices.
In its latest review, the energy regulator raised the cost of diesel by 40 Kenya shillings to 206 ($1.
6; £1. 2) a litre, while petrol rose by 28 shillings to a similar level. It said this reflected higher global oil and shipping costs, even as the government cut value added tax to 13% from 16%.The new prices will last until 14 May when the next review is due.
Fuel shortages have been reported in parts of the country, although the government insists stocks are sufficient and accuses some fuel companies of hoarding supplies.
The reports of shortages have been overshadowed by controversy over an allegedly substandard consignment imported last month outside government-to-government arrangements and at a significantly higher cost.
Reports that the fuel may have entered the market after being blended with stocks in government storage tanks have sparked public outrage and calls for accountability.
The government has previously said it cancelled the consignment amid concerns over its quality and cost and barred oil marketers from selling it. The matter, which led to the arrest and resignation of senior energy officials, is still under investigation.
On Wednesday, the Energy and Petroleum Regulatory Authority (Epra) said the disputed consignment had not been included in the computation of the new prices.
The price rises come amid the global fuel crisis caused by the US-Israel war with Iran that began on 28 February.
Concerns remain that the energy crisis may deepen despite a conditional two-week ceasefire signed last Wednesday that included opening the Strait of Hormuz, a key shipping route for global oil and gas supplies.
Shipments through the strait have largely been at a standstill since the war began.
Countries have taken various measures to cope with the crisis and cushion consumers from the price shocks, including cutting taxes and minimising wastage.
Kenya’s directive to cut VAT on fuel is scheduled to last until July. South Africa announced a one-month cut in the fuel levy two weeks ago to limit pump prices.
Other African countries to have announced similar measures include Zambia, Namibia and Ghana, while South Sudan announced electricity rationing and Ethiopia prioritised certain sectors to deal with the crisis.
Foreign News
Cameroon Separatists Pause Fighting Ahead Pope Visit
Anglophone separatists in Cameroon have announced a period of “safe travel passage” and halted fighting ahead of Pope Leo XIV’s visit to the conflict‑hit region this week.
Leaders of several armed and secessionist groups said the three‑day measure was in recognition of the “profound spiritual importance” of the papal visit, which starts on Wednesday, and the need to safeguard civilian life.
In a statement from Unity Alliance which brings the groups together – they said they would facilitate the movement of those celebrating the visit. The government is yet to comment.
A near-decade of violence in the English-speaking regions has left at least 6,000 dead and many more forced from their homes.
Pope Leo is currently in Algeria for a second day as part of his 11-day tour of the continent, in which he will also visit Cameroon, Angola and Equatorial Guinea.
Peace is one of the major themes of his visit.
The pontiff arrived in Algeria on Monday, marking the first visit by any pope to the predominantly Sunni Muslim country.
It is also the birthplace of St Augustine, and Leo XIV is the first pontiff from the order to follow his teachings.
He is currently in Annaba where the saint was a bishop – and in the afternoon, is expected to celebrate Mass at the Basilica of Saint Augustine.
The Pope’s second country stop is Cameroon, where he will visit Bamenda, the capital of the country’s North-West region.
The city is regarded as the centre of Cameroon’s conflict between Anglophone separatists and state forces.
A national dialogue organised by the government in 2019 failed to end the violence in the country’s two English‑speaking regions.
Unity Alliance said the decision to pause the fighting “reflects a deliberate commitment to responsibility, restraint, and respect for human dignity, even in the context of ongoing conflict.”
It added that the Pope’s visit should remain “spiritual” and “pastoral” in nature, and warned against any politicisation of the event.
While the Cameroonian, francophone-dominated government has not reacted to the announcement, authorities say appropriate measures had been taken to ensure security in cities scheduled to host the Pope.
Pope Leo’s visit to Bamenda is seen as a symbolic effort by the Catholic Church to promote peace and reconciliation. He is expected to hold a meeting for peace in the city’s Saint-Joseph’s Cathedral.
Officials said all sites to be attended by the Pope will be free of charge for visitors.
Pope Leo’s wide-ranging tour will include stops in 11 cities across the four countries. It is his second major foreign visit since being elected to the papacy last year, and reflects the importance of Catholicism in Africa.
More than a fifth of the world’s Catholics are in Africa, some 288 million people, according to figures from 2024.

