Nigeria's oil production topped 1.8 million barrels per day in July, regulator says
The West African country, Africa's largest oil producer, relies on crude oil for nearly two-thirds of government revenue and over 80% of foreign currency earnings, making production gains critical for stabilising its economy.
However, widespread oil theft and years of underinvestment have curtailed output and strained public finances in recent years.
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Reuters
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Devon Energy misses second-quarter profit estimates
Aug 5 (Reuters) - Devon Energy (DVN.N), opens new tab narrowly missed Wall Street expectations for second-quarter profit on Tuesday, as weaker commodity prices offset a rise in output. Benchmark Brent crude prices fell during the April-June quarter from a year earlier, as they came under pressure from growing market uncertainty due to tariffs, weak global demand and increased supply from OPEC+. Its average realized prices came in at $36.30 per barrel of oil equivalent (boe) during the reported period, compared with $44.29 per boe last year. The company's second-quarter production rose to 841,000 barrels of oil equivalent per day (boepd), from 707,000 boepd a year ago. The Oklahoma City-based company posted an adjusted profit of 84 cents per share for the three months ended June 30, compared with the analysts' consensus estimate of 85 cents apiece, according to data compiled by LSEG.
The Independent
an hour ago
- The Independent
Badenoch says Truss ‘carries quite a lot blame' for Tory record of as war of words continues
Conservative leader Kemi Badenoch has said Liz Truss 'carries quite a lot of' responsibility for the party's record amid a row over the party's direction. Responding after former prime minister Ms Truss accused her of 'repeating spurious narratives', Badenoch said she was 'very focused on what the Conservatives are going to do now'. The Leader of the Opposition faced questions about Ms Truss's claim that under the Conservatives, 'the economy was wrecked with profligate Covid spending by (Rishi) Sunak' and that 'the huge increase in immigration has been a disaster'. Mrs Badenoch told ITV Anglia: 'I know that, as a former prime minister and a former foreign secretary, (Ms Truss) carries quite a lot of that blame. 'The party's now under new leadership. 'I wasn't in charge during those 14 years; she was. 'That's a criticism she's probably levelling at herself.' The Tory leader also said she was 'telling the truth' about her party's record. 'I'm telling the truth that immigration was too high – that's why we have much tougher policies to fix immigration,' she continued. 'I am telling the truth that taxes were too high, that we were putting a lot of regulation on businesses, and what we're seeing is Labour making every single thing worse. 'They're doing that because they haven't learned many of the lessons that we learned. They haven't learned from our mistakes. They're making worse mistakes.' The Labour government's mistakes include making 'no cut in spending at all – the books were not balanced', Mrs Badenoch claimed. 'We're spending more on welfare than we are on defence – that cannot continue,' she said. Mrs Badenoch had previously told The Telegraph that 'for all their mocking of Liz Truss, Keir Starmer and Rachel Reeves have not learnt the lessons of the mini-budget and are making even bigger mistakes'. Ms Truss, who spent 49 days in Number 10, hit back when she said that 'instead of serious thinking', Mrs Badenoch was 'repeating spurious narratives'. She continued: 'I suspect she is doing this to divert from the real failures of 14 years of Conservative government in which her supporters are particularly implicated. 'It was a fatal mistake not to repeal Labour legislation like the Human Rights Act because the modernisers wanted to be the 'heirs to Blair'. 'Huge damage was done to our liberties through draconian lockdowns and enforcement championed by Michael Gove and Dominic Cummings. 'The economy was wrecked with profligate Covid spending by Sunak. The huge increase in immigration has been a disaster.' Mrs Badenoch also took questions about her identity, after she told the Rosebud podcast: 'I have not renewed my Nigerian passport, I think, not since the early 2000s. 'I don't identify with it any more, most of my life has been in the UK and I've just never felt the need to.' The North West Essex MP told ITV Anglia: 'I am definitely an Essex girl, that is a fact.' A London Assembly member before she took her Commons seat in 2017, Mrs Badenoch said: 'I represent an Essex constituency, these are my people. 'I was a Londoner, but Essex people asked me to be their MP, and I want to make sure that I do them proud. And I love this part of the world. 'It's fantastic being here. It's a rural community, and I've been talking to the farmers here. I talked about how my grandfather was a farmer, it's very hard work. 'The people of Essex and East Anglia – they are grafters. 'They work hard, and I want to make sure that we do right by them.' Mrs Badenoch spent Tuesday morning at a farm in Little Walden, where she tried her hand at harvesting wheat using a Claas Lexion combine harvester. She told farmers: 'A lot of farming just feels like constant interference. 'Everything is interfered from the minute you wake up.' Examples of interference included 'chemicals and insecticide, people you're hiring, how much you've got to pay them', plus changes to 'employers' NI (national insurance), then somebody wants to put pylons on, there's compulsory purchase, it's impacting the cost of the land, if you want to add a new farm building, there's planning applications', she said. 'It's just endless constant Government saying, 'You can't do this, you can't do that, you can't move forwards'. 'And the burden in my view has now crossed the threshold.'
Reuters
3 hours ago
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Ethiopian Airlines' annual revenue rises as it draws more passengers, adds routes
ADDIS ABABA, Aug 5 (Reuters) - Ethiopian Airlines' revenue rose 8% in the 2024/25 financial year, helped by higher passenger numbers and additional routes although it faced challenges on some routes due to conflicts, Chief Executive Mesfin Tasew Bekele said on Tuesday. The state-owned carrier, Africa's biggest airline, saw passenger numbers increase by 11% to 19 million in the financial year that ended July 7, Mesfin told a press conference. Revenue rose 8% from a year earlier to $7.6 billion, but growth slowed from the 15% recorded in 2023/24. "It was a good performance despite global challenges," Mesfin said, citing conflicts in Sudan, the Middle East and Democratic Republic of Congo. He added that some law changes in the United States had affected the airline's operations there. Ethiopian has a fleet of more than 150 aircraft. On Saturday, it took delivery of its fourth Airbus A350-1000 ( opens new tab plane. In June, Bekele said the airline was looking into the possibility of ordering at least 20 regional or small narrow-body jets as part of plans to expand its domestic fleet and replace some ageing aircraft. The airline is among several facing grounded aircraft due to bottlenecks in engine maintenance plants. Mesfin said the airline had added six new routes in 2024/25. Last year, it signed an agreement for the design of a new mega four-runway airport near the town of Bishoftu, around 45 km (28 miles) southeast of the capital Addis Ababa, which will be Africa's biggest airport when construction is completed in 2029. The airport will have capacity to handle 100 million passengers a year and provide parking for 270 aircraft.
