Oil, Africa | featured news

Africa's wealthiest man, Aliko Dangote, says he aims to invest up to $8bn in a major new oil refinery that would double Nigeria's current oil output.

Sierra Leoneans crowded polling stations on Saturday to vote in a close-fought election they hope can rebrand their poor, war-scarred West African state as an emerging democracy with the potential for fast growth from mining and oil.

Africa will continue its economic growth into the next year, but faces increasing threats from continued political instability, youth unemployment and the global recession dragging down oil and commodity prices, a leading economist said Tuesday.

South Sudan to pull out of border oil town, president says, easing military crisis with Sudan.

The imminent end of a seven-month civil war in Libya holds the promise of restoring oil production and pushing prices lower. But rebel forces face a number of obstacles.

The International Energy Agency says 28 countries have agreed to release 60 million barrels of crude to the market to offset disruptions prompted by Libya's war.

Brent crude rose towards $120 a barrel and U.S. crude hit a 2-1/2-year high above $108 on Monday as unrest in the Middle East and North Africa kept the focus on oil supplies as economic growth bolstered demand for fuel.

Stocks fell sharply and oil prices spiked to their highest level in two years on Tuesday as investors worried about the increasingly violent unrest in Libya.

Millions of jubilant south Sudanese voted on Sunday in an independence referendum which could cut Africa's biggest country in two and deprive the north of most of its lucrative oil.

Somali pirates seized a tanker carrying crude oil from Saudi Arabia to the United States in the increasingly dangerous waters off East Africa, an official said Monday, an attack that could pose a huge environmental or security threat to the region....